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McCoy, who starred in Doctor Who, recently revealed the news to the Argyllshire Standard.
He said that he is being considered for the part of one of the wizards.
"I am being cast in The Hobbit. We're currently in negotiations - there are two of us under consideration. It's not the Bilbo role, but could be bigger," he added.
It has been rumoured that Lord of the Rings director Peter Jackson could direct the two Hobbit prequels following the exit of Guillermo del Toro.
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