Connery had been offered between 10 to 15 percent of the films' worldwide box office takings to take on the role of Gandalf, but by passing on the role he lost his chance to profit off of the highly successful trilogy, the Scotsman said.

The 76-year-old actor had decided to pass on the role, which eventually went to McKellen, after failing to understand the trilogy's expansive script, the report said.

"Yeah, well, I never understood it," Connery had said of his decision. "I read the book, I read the script, I saw the movie. I still don't understand it. I would be interested in doing something that I don't fully understand, but not for eighteen months."

The Scotsman said Connery's decision to pass on the film trilogy, which earned $2.9 billion worldwide, was revealed in a new biography about "LOTR" director Peter Jackson, "A Film-Maker's Journey" by Brian Sibley.