Sir Ian McKellen may quit the role of Gandalf in 'The Hobbit'.

The 71-year-old actor explained he does not want to "wait" around for the movie - a prequel to the previous 'Lord of the Rings' movies in which he starred as the wizard - and has other work he could continue with.

The British star revealed: "Well I'm not under contract and my time is running out and I'm enjoying working in the theatre and frankly, I would like to race after doing 'Waiting For Godot', get on with doing another play but we'll have to see. I don't give the producers the impression that I'm sitting waiting."

Ian also claimed in a frank discussion with New Zealand's 'Good Morning' show that an upcoming announcement would reveal the production situation with the movie.

He said: "What it will be I genuinely don't know. It'll either be, we're going ahead or we're not."

The film's original director Guillermo Del Toro pulled out of working on the film last month because of the continued delays to production.

Since then, 'Harry Potter' director David Yates has been lined up to work on the movie and is reported to be studio MGM's top candidate.