Elijah rules out 'Hobbit' role
Some reports suggested that Wood, 24, would return to the franchise playing Frodo's 'uncle' Bilbo.
The actor told Radio 1: "I wouldn't want to play Bilbo having already played Frodo - it would be strange for the fans and for me.
"Also, I don't think you can out do Ian Holm's performance. Any actor would be afraid to approach the role after seeing what Ian Holm did with it as it truly is perfect."
That said, he added that he would still love to see the project go ahead: "I hope it gets done - it would be a nice little reminder of that world again."