As actor Ian McKellen himself put it, playing the role of wizard Gandalf in the upcoming movies based on J.R.R. Tolkien's book "The Hobbit," is not an offer you can refuse.

"Yes, it’s true," the 68-year-old veteran actor, who portrayed Gandalf in Peter Jackson's
Lord of the Rings trilogy based on Tolkien's books, told Empire magazine about his future role in the film remake of "The Hobbit."

Academy Award-nominated Mexican moviemaker Gulliermo del Toro was recently named by New Line Cinema as the new director for "The Hobbit," and its sequel. The filming for the two prequels to the Lord of the Rings trilogy are intended to start shooting in 2009 with a planned release in 2010 and 2011.

"I spoke to Guillermo in the very room that Peter Jackson offered me the part and he confirmed that I would be reprising the role. Obviously, it’s not a part that you turn down, I loved playing Gandalf," he said.

The two movies that require the 43-year-old director to move to New Zealand for four years in order to make the films back-to-back with executive producer Peter Jackson, will reportedly tell the story of how the ring ended up in the hands of Bilbo Baggins, prior to the trip for its destruction in the LOTR movies.

When asked if he was aware of the films' structure, McKellen replied: "Well I've read The Hobbit so I've got a good idea of what the story would be.

"But as to how it's going to work over two films and what going to happen on screen, well Guillermo has not got down to working out the major details yet.

"I can tell you it's going to be amazing though," he added.

Del Toro, who wrote and directed "Pan's Labyrinth" which earned six Oscar nominations in 2006, winning three awards, also revealed that Andy Serkis will reprise his role as Gollum. He told Tolkien fan site that he "had the most charming meeting with Sir Ian, and all bureaucracy pending, he's on board, as is Andy Serkis."

While the first movie won't be featuring many of the characters fans are familiar with from the Lord of the Rings movies since the action will be set around fifty years before, Elijah Wood, who played Frodo Baggins in the trilogy might also return for the Hobbit films, or at least that's what del Toro would love.