The Pirates Of The Caribbean actor said that it was a "huge honour" to reprise his role as Lord Of The Rings character Legolas in the fantasy prequels.
"I'm excited at the prospect," he told The Sun. "It's ten years ago that I started that journey, so the fact Pete wanted me to be involved was a huge honour.
"The debt of gratitude I owe him for everything, is huge... it's beyond huge. If he said, 'jump', I'd say, 'how high?'. I don't know how much there is for me to get in there, but it's going to be great."
Bloom also discussed his latest picture The Three Musketeers, which he claimed took the classic swashbuckling tale to "a whole other level".
"It's a story that can be made for every generation and this is the one for this generation," he said. "It's a 3D, crazy action-adventure - it's taking it to a whole other level."
Bloom told Digital Spy this week that The Hobbit felt like "a family reunion".
> Orlando Bloom: 'Lord of the Rings Legolas costume still fits'
Watch Orlando Bloom talk to Digital Spy below: