UPDATE: Guillermo Del Toro has contacted Latino Review and told them the following in regards to this story "NO casting will take place in THE HOBBIT until we have both scripts."

James McAvoy (Wanted) has been rumoured to be the favourite to play Bilbo Baggins in the long awaiting HOBBIT movie a source has told UK Newspaper The Daily Express.

"A number of names have been doing the rounds, including Daniel Radcliffe and Jack Black, but James (MCAvoy) is the one the film's bosses really want."

Might I point out, that as of the weekends live webchat with Del Toro and Jackson, there were NO signs that they were close to casting any fresh talent as the writing process has yet to begin, although Del Toro has recently said that the Bilbo casting question has been discussed:

"I can tell you it's down to a few names that we all agree upon. For our first choice, completely magically we all have the same name."

That said, would McAvoy be such a bad choice to play a younger Bilbo? Personally I would rather IAN HOLM retain the role, but I remember McAvoy from his days in Channel 4's SHAMELESS - and I have to say he is pretty good.

'The source' went on to tell the express:

"They're expected to have talks soon so hopefully it could be confirmed in the not too distant future."

So what to make of this? At the moment? It's too early to tell, my advice would be to wait and see because when it comes down to it - who knows? Just remember you heard this here first folks!

You can check out the Daily Express story HERE.