Del Toro in the live chat:
Originally Posted by electriclite
"Therefore what can be said is: Unequivocally, every single actor that originated a role in the Trilogy will be asked to participate and reprise it. If Health, availability or willigness become obstacles – and only in that case recasting would be considered."
So, since everybody is re-casting Bilbo, has Ian Holm turned down that role, or is his age (health) too great of an obstacle?
I love the suggestions of McAvoy and Freeman, but we did already see Holm as young Bilbo finding the ring in "Fellowship"...