The actor played hobbit Frodo Baggins in the first three films and spent several years living on location in New Zealand.
He'll be back in the country to film a short sequence for Peter Jackson's new re-imagining of J.R.R. Tolkien's work, which sees Martin Freeman play a younger Bilbo Baggins, portrayed by Ian Holm in the original trilogy.
And Wood, who famously got a tattoo with his Lord of The Rings castmates during filming, admits working with all his old pals again feels like coming home.
He tells Movieline.com, "(My scene), it's a tiny little piece. Frodo's obviously not alive at the time of The Hobbit - it's about 60 years before Frodo's birth. So they've written a bit of a piece with Ian Holm as well, reprising his role as the older Bilbo, that I'll do.
"It feels like a family reunion that I'm going back for. A number of the cast members are coming back. I went back (to New Zealand) a year ago in February just to visit. I was down in Australia, so I went over for nine days and caught up with a bunch of people. It was wild, man, to be back in that whirlwind, see all those people, but working in Middle Earth again. It was really cool to be back there, and I feel like it's going to feel the same."