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Weaving played a supporting role in Joe Johnston's 2010 remake of the 1941 film The Wolfman, starring Benicio del Toro.

Immediately after Wolfman wrapped in spring 2008, he returned home to Australia to film a lead role in the film Last Ride, directed by Glendyn Ivin.

In early 2009, Guillermo Del Toro, then director of The Hobbit films, prequels to The Lord of the Rings, confirmed his intent to again cast Weaving as Elrond of Rivendell in a BBC interview When asked about reprising the role, Weaving replied that he was game, but had not officially been approached.

Del Toro eventually left the project ; Peter Jackson decided to direct the films himself but Weaving was not officially confirmed in the cast until May 2011.