I've seen this rumor floating around some Hercules and Cleopatra 2525 Messageboards, and since it's been confirmed by the actor via his Fan Club I thought I'd let you know that Kiwi actor Joel Tobeck has been signed to play Young Sméagol, he's due to start filming sometime in September. For more info check out the fanclub page at:
http://www.globalserve.net/~thejoyces/joeltobeck.html

I haven't heard news of this prior, but everything seems to check out! Looks like we'll definitely be seeing the flashback of how Déagol and Sméagol find the One Ring on Sméagol's birthday (which Gandalf tells to Frodo in the second chapter of The Fellowship of the Ring, "The Shadow of the Past"). My thoughts? I think he surely has a bit of the Gollum look in his eyes and face.