According to MovieHole.net, last week’s revelation of Hugo Weaving reprising his role as Elrond was a bit premature. They’ve talked to the popular actor and he said…
“I knew that if and when it happened I’d get a call and we’d chat about it, but I haven’t spoken to anyone about it. Someone said to me ‘I hear you’re doing the Hobbit?’ I said ‘Well, um, probably’, they said “No, no. you’ve signed on’. I haven’t actually talked to anyone about it. Doesn’t mean I won’t be doing it, [I’m] just not onboard yet.”
I’m sure we’ll hear official word one of these days, but in the meantime, it seems nothing is final.