Peter Jackson confirmed on his Facebook page that Ian Holm is returning to play Bilbo Baggins in the two-part The Hobbit project:
One comment that came up from the recent video blog was the Bilbo voice at the end—many of you assumed it was Sir Ian Holm. Whilst Ian will be returning as the older Bilbo Baggins in The Hobbit, that recording was actually Martin Freeman’s voice, taken from a script read through we recorded when the cast first arrived. I have to admit, I wasn’t sure who it was when I first heard it, either. Cheers, Peter J
The Hobbit: There and Back Again (rumored title) will hit theaters in December 2012 followed by its sequel, The Hobbit: An Unexpected Journey (rumored title) in December 2013. Both films will be shot and released in 3D.