Orlando Bloom as LegolasOrlando Bloom--who we all know (and many love ) as Legolas--was interviewed by MTV regarding Pirates of the Caribbean, wherein he had this little exchange regarding The Hobbit:

Orlando Bloom - I have not [been approached for] a "Hobbit" movie. And I think we covered it with "Lord of the Rings."

MTV - So that's it for Legolas?

Orlando Bloom - Yeah. And besides, Legolas isn't really in "The Hobbit."

MTV - Well, he's not mentioned in "The Hobbit," but Tolkien's later writings said that he and his father, Thranduil, were indeed there.

Orlando Bloom - Oh really? Yeah, maybe they'll create a subplot for Legolas. [Laughs...] But who's directing it? Peter Jackson?

As most Lord of the Rings fans know, Thranduil is Legolas father who lives in Mirkwood, and is met by Bilbo and the dwarves travelling through that great forest...  Legolas could easily have a cameo in the film.

It's inevitable the film will be made... only time will tell if Peter Jackson has the opportunity to bring parts of the original cast back together.