Cate Blanchett is set to reprise her role as Galadriel for Peter Jackson’s, “The Hobbit”. So far, two cast members from the original trilogy will be in the “Hobbit”. I’m pretty sure Ian McKellen is still playing Gandalf too.
Galadriel wasn’t a character in “The Hobbit” book, so Peter must of wrote her in the script somehow. Typical hollywood changing things around as usual.