The Lord of the Rings actor revealed that he is thrilled to be returning to Middle Earth to shoot a small scene for The Hobbit, reports Movieline.
"Frodo's obviously not alive at the time of The Hobbit - it's about 60 years before Frodo's birth. So they've written a bit of a piece with Ian Holm as well, reprising his role as the older Bilbo, that I'll do," Wood said.
"The story of The Hobbit [Bilbo] wrote down as There and Back Again: A Hobbit's Tale, and you see that in The Lord of the Rings. And Frodo then carries on finishing the book from his side, from his perspective of his journey."
Wood went on to state that he is excited to catch up with several of his Lord of the Rings co-stars when he returns to New Zealand for the project.
"It feels like a family reunion that I'm going back for," Wood said. "A number of the cast members are coming back."
The 30-year-old currently stars on Wilfred. He recently admitted that he did not consider the potential long-term commitment that a TV series requires when he signed on to the FX series.
Wood has previously described Wilfred as dark, claiming that Wilfred's motives in his new FX sitcom are "ambiguous".
Watch a trailer for Wilfred below: