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According to The Telegraph, the 38-year-old Doctor Who actor is up against stars including James McAvoy and Daniel Radcliffe for the part.
More information on the movie - a prequel to the Lord Of The Rings series - is expected to be unveiled at next week's Comic-Con expo in San Diego, where director Peter Jackson is also said to be announcing his choice for the role.
It was recently announced that Tennant had joined the cast of the upcoming St Trinian's sequel.
More: David Tennant, Movies
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