Actor Orlando Bloom, who played Legolas in The Lord of the Rings triology, has said that he would like to return in The Hobbit. When interviewed at the 2010 Sundance Film Festival by MTV, he said that he has approached producer Peter Jackson about possibility to return:

You know, if you want me to wear the blonde wig and to have pointly ears again, I would be honoured to do it.

However, Orlando has a small chance to repeat Legolas in The Hobbit, since his character has no role part in the original story:

It’s Guillermo’s movie and I’m a huge fan of that man. He’s obviously going to take his own idea of it, but I’m excited for that movie. I think it’s going to be great.

Let’s recall that Ian McKellan, Hugo Weaving, and Cate Blanchett are back, but we still don’t know who will play Bilbo Baggins. The scenes from the novel will be re created in The Hobbit with some additional events that make an impact to The Lord of the Rings, such as the expulsion of Sauron from Mirkwood by the White Council