Ian McKellen admits he’ll return as Gandalf in new Lord of the Rings film on one major condition

In news that has made lots of Lord of the Rings fans very happy, and some others concerned that a studio might be trying to milk the beloved fantasy setting until there's nothing left, there's a new film in the works.

Warner Bros announced that a new film was in the pipeline with a view to it being released at some point in 2026 - and Peter Jackson will be involved in the production.

Studio bosses said that Lord of the Rings was 'one of the most successful and revered franchises in history' and that making more movies based off JRR Tolkien's work was 'a significant opportunity for theatrical business'.

This new movie is expected to be called The Lord of the Rings: The Hunt for Gollum, and the title will tell you pretty much everything you need to know about the movie's premise.

It's going to expand upon part of the Lord of the Rings story we have heard about but not yet seen, and this time Andy Serkis is expected to be in the director's chair.

A new Lord of the Rings film about Gandalf and Aragorn hunting down Gollum is in the works, would Ian McKellen return as the wizard one last time? (Dave Benett/Getty Images for The Wolseley Hospitality Group)

In Fellowship of the Ring, Gandalf (Ian McKellen) returns to Frodo (Elijah Wood) to ask if he has kept Bilbo's ring secret and safe, telling him: "I looked everywhere for the creature Gollum, but the enemy found him first."

It's then revealed that Gollum (Serkis) gave up two words, 'Shire' and 'Baggins', which will lead the forces of Sauron right to Frodo's doorstep.

It's this search Gandalf speaks of which seems like it'll be the focus of the film, and the wizard enlists the help of Aragorn (Viggo Mortensen) to track Gollum down.

You'd then expect that McKellen and Mortensen might be returning, but Viggo has said he'd only come back 'if I was right for the character'.

Mortensen was in his mid-40s when the Lord of the Rings films released, and he's now 65 when he'd be playing Aragorn at a time before he even met Frodo.

There is going to have to be a certain acknowledgement of the reality that these actors are now over 20 years older than they were when they appeared in the Lord of the Rings films.

It's difficult to imagine anyone else as Gandalf. (New Line/WireImage)

Ian McKellen turned 85 just last month, and has laid out the condition on which he'd put on the robes and wizard hat of Gandalf one more time.

Speaking to The Times, the legendary actor acknowledged that 'this life doesn't go on forever', and that when he gets scripts now he has to consider that he might be taking on his 'last job'.

McKellen has heard of 'stirrings in Tolkien land', yet before he cranks up his acting process and goes from 'Sir Ian, Sir Ian, Sir Ian' to 'YOU SHALL NOT PASS!' it might be appropriate to hold your horses.

"But there is no script, there is no offer, there is no plan," he said of any involvement with The Hunt for Gollum at this point.

It's hard to imagine anyone else playing Gandalf in a film, and McKellen said he'd be interested in playing the part under one condition, chuckling and saying: "If I'm alive."

Let's hope Sir Ian McKellen is still with us for many years to come.