Move Over Knull and Kingpin: Ned Leeds Could Steal the Spotlight as a Fan-Favorite Villain in ‘Spider-Man 4’

‘Spider-Man 4’ was confirmed to be in development over a year ago, and while details remain scarce, we do know that Destin Daniel Cretton will be directing. According to Tom Holland’s latest updates, the script is still in progress, but that hasn’t stopped the flood of rumors in recent weeks!

One of the earliest rumors suggested that ‘Spider-Man 4’ would focus on a street-level story featuring Kingpin as the main villain, a concept fans have been eager to see.

However, the speculation took a dramatic turn, with new reports indicating that the film might delve into a Multiversal narrative with Knull as the antagonist, sparked by the release of the ‘Venom: The Last Dance’ trailer.

Amidst a variety of potential villains, one longstanding theory is that MCU’s Ned Leeds may transform into the Hobgoblin. The MCU often puts its own spin on comic book characters, and in the comics, Ned was framed and brainwashed into taking on the Hobgoblin identity, though he wasn’t the original villain.

The MCU could explore this angle by having someone manipulate Ned—whether through magic, technology, or mind control—while still preserving his core personality. This approach would allow Ned to emerge as both a tragic character and a formidable threat to Spider-Man. Plus, considering his recent connection to magic, this transformation could serve as a fitting entry point.

Ultimately, the theory of Leeds becoming the Hobgoblin is not just speculative; Jacob Batalon has confirmed that this possibility was discussed.

Honestly, I’m not sure. Again, we may have talked about things, for sure, but I don’t know if it would’ve really led to anything serious about being a villain, or anything like that.

Jacob also reiterated that he has no information about whether he will be appearing in the upcoming movie.

I’m open to anything, and I think we all are open to anything. Unless you’re like a superhero, like big time, one of the main ones they’re trying to make movies about, you don’t really know what’s going to happen. In the industry, people don’t want to hope to wish. So, I would hopefully [return].

What are your thoughts? Would Hobgoblin make a better villain than Knull or Kingpin? Share your opinions in the comments below!