Actor Orlando Bloom is reportedly set to reprise the role of Legolas in the forthcoming "Lord of the Rings" prequel "The Hobbit".

The British actor has reportedly accepted the offer following long negotiations, reports imdb.com. Earlier this week it was announced that Cate Blanchett will be reprising her character Galadriel in the Peter Jackson-directed epic.

Martin Freeman is set to play the lead character Bilbo Baggins in the film, to be shot in New Zealand.

Negotiations with Andy Serkis and Sir Ian McKellen are believed to be on. Sir Ian updated his official website recently and wrote that he would be at the shoot, which will begin in February 2011.