Freeman Still Could Be Bilbo Baggins?

Could Martin Freeman still be up for Bilbo Baggins after all?

Earlier this week came reports that the British actor had formally been offered the lead role in “The Hobbit” films, but had to turn it down due to his commitment to shooting a second season of the BBC’s “Sherlock” in which he plays Dr. Watson.

Now, Entertainment Weekly reports that New Line and MGM have since come back to Freeman with a proposed schedule which would allow him to shoot both projects. As a result, a deal is apparently in current negotiations.

The news comes as Spyglass Entertainment have signed a letter of intent to take over management of the financially troubled MGM which will enter into pre-packaged bankruptcy.

The Lion would then re-emerge without its debt obligations, though minus its marketing and distribution channels, thus freeing up “The Hobbit” films to go forward with Warner Bros. Pictures distributing the two films worldwide.