Earlier this week, there was a HUGE rumor surrounding another Bilbo Baggins casting for The Hobbit. The British newspaper The Sun posted a story suggesting that Martin Freeman, former star of the U.K. version of “The Office,” had been offered the coveted role of the title character. But instead of playing a hobbit, he opted to play the sidekick of Sherlock Holmes instead.

Apparently, Freeman declined the part and its 7-figure pay check because of a scheduling conflict. He’s currently signed on to star in the series “Holmes” for the BBC and he wouldn’t be able to commit to the show and the film simultaneously. Something had to go, so The Hobbit was nixed. This put a damper on the already troubled movie production leaving us back at square one.

According to a report from EW, all hope is not lost! “Sources close to the Hobbit production, say it’s not over yet. New Line and MGM, the studios backing the Hobbit films, have since come back to Freeman with a proposed schedule that would allow him to shoot both projects. All parties are currently negotiating a deal.” So will he take on the role after all?

What do you think of Freeman as the new Bilbo Baggins?