The media giant announced they have acquired the television rights to the hugely popular fantasy novels by Tolkien, but the series will be separate from the popular New Line Cinema movies.
In the original trilogy, McKellen starred alongside Elijah Wood, Viggo Mortensen, John Rhys-Davies, Liv Tyler, Sean Astin and Orlando Bloom.
McKellen isn't the only actor from the trilogy to speak out about the new TV series, but Rhys-Davies - who starred as dwarf Gimli - was not as complimentary, suggesting "Tolkien must be spinning in his grave".
He said: "Well, you know they have the money to do it. Why we quite need 'Lord of the Rings' as a TV series baffles me slightly.
"I mean the extraordinary money they're getting from online gambling and stuff like this, it's just a disgrace.
"I mean, poor Tolkien must be spinning in his grave."
The novels follow Hobbit Frodo who journeys across Middle Earth along with companions to try and destroy the One Ring to rid evil from the world.
During his journey, he meets up with a number of different races including dwarfs, elves and men.