Is Sir Ian McKellen doing The Hobbit?

According to the Film Guardian, Sir Ian McKellen, who played Gandalf in the Lord of The Rings series, has agreed to do another Tolkien movie with Peter Jackson. Apparently, he confirmed this during an email exchange among his fans, which took place on his official website.

Q: So has it come to pass, good Sir McKellen? Shall the dreaming masses with their musty books and their blackened pipes at long last hear those immortal words issue from under that famous nose? “Yes, yes, my dear sir-and I know your name, Mr. Bilbo Baggins. And you do know my name, though you don’t remember that I belong to it. I am Gandalf, and Gandalf means me! To think I should have lived to be good-morninged by Belladonna Took’s son, as if I was selling buttons at the door!” Looking about, I find I share the same hopes as millions of others, so I ask, a single query in a chorus… Will you again be our Gandalf in “The Hobbit” now that the deal is settled?

A: Yes I will, if Peter Jackson and I have anything to do with it, he being the producer and me being, on the whole, a very lucky actor. I’ve just read your quote out loud - fabulous speech.

It’s more or less a given. If Peter Jackson doesn’t drop out of the project, then McKellen as Gandalf should return.

And I’m pretty sure that would make millions of fans of the previous trilogy very, very happy.