Will Mr. Tumnus play Bilbo Baggins in THE HOBBIT?

It would seem that the filmmakers behind THE HOBBIT (Peter Jackson and Guillermo Del Toro), not to be released until Christmas 2011, have possibly found their young Bilbo Baggins in James McAvoy. McAvoy became famous after playing Mr. Tumnus in 2005's THE LION THE WITCH AND THE WARDROBE, as well as being cast in last years Academy Award nominated ATONEMENT co-starting Keira Knightley. This is still just a rumor, but a fascinating choice altogether.