Tobey Maguire is the new 'Hobbit'

He may have ditched his Spider Man costume but Hollywood actor Tobey Maguire has gone ahead and agreed to take the lead role in 'The Hobbit'.

He may have ditched his 'Spider Man' costume but Hollywood actor Tobey Maguire has gone ahead and agreed to take the lead role in 'The Hobbit'.

The 34-year-old actor, who is said to have signed up to play Bilbo Baggins in the movie adaptation of JRR Tolkien's classic book, had been pursued by producer Peter Jackson and director Guillermo del Toro for some time because they knew he'd be perfect for the part, The Sun online reported.

"We're thrilled. Tobey's one of Hollywood's most recognisable and best actors," said a movie source.

The 'Brothers' actor, who pulled out from the fourth Spider-Man movie recently, had previously been unable to commit to the project due to scheduling restraints.

Rumours that Tobey could play the character of Bilbo first surfaced last month, but he dispelled them at the time -though he admitted he would be interested if he were approached.

"I have not met or spoken to the director Guillermo del Toro or the producer Peter Jackson or anybody. Nobody has given me a script or approached me about it," Maguire had said.

"I love Guillermo del Toro and Peter Jackson and I certainly wouldn't take myself out of the conversation," he added.

Filming for 'The Hobbit' begins this summer, and it will be split into two movies, set for release in 2011 and 2012.