Now, this would be one evil character transformation!

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Following the release of the second Spider-Man: No Way Home trailer on Wednesday (November 17), fans have been picking apart what details they can find in the new footage.

There have been theories around the fate of Zendaya's MJ at the end of the trailer and the potential presence of Andrew Garfield, while another theory connects to a fight between Spider-Man (Tom Holland) and three villains at the end.

However, one particular theory has caught some fans' attention with a shot of a character shown at a distance on a glider similar to the Green Goblin.

It really is an almost blink-and-you'll-miss-it moment, but may have been lost to many amidst the more prominent return of Willem Dafoe as Green Goblin/Norman Osborn later in the trailer.

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Yet, despite the Goblin's appearance in costume later, the person in this particular shot appears in a darker outfit and without a Goblin mask.

A mysterious character on a glider in Spider-Man No Way Home
A mysterious character on a glider in Spider-Man: No Way Home YouTube/Marvel

Naturally, this could be Norman Osborn with his mask removed or even a reprisal of the role of Harry Osborn from either James Franco (Sam Raimi's Spider-Man trilogy) or Dane DeHaan (The Amazing Spider-Man 2).

However, a more unnerving development could be a twist that this is Peter Parker's best friend, Ned Leeds (Jacob Batalon).

Now, this could be either the already-seen version of Ned Leeds or perhaps one from an alternate reality given the multiversal madness of No Way Home.

So, why would fans think that Ned could be a new goblin figure? Well, let RadioTimes.com explain.

Who is Ned Leeds in the Spider-Man comics?

Tom Holland, Zendaya and Jacob Batalon in Spider-Man No Way Home
Tom Holland, Zendaya and Jacob Batalon in Spider-Man No Way Home Sony/Marvel Studios

In Marvel Comics, Ned Leeds is a supporting character who works in the Daily Bugle as a journalist.

Similarly to Far From Home, Ned has a romantic relationship with Betty Brant, who in the comics he goes on to marry.

Ned is also the third comic book character to take on the mantle of the Spider-Man villain Hobgoblin.

The Hobgoblin uses a glider and throws pumpkin bombs in a similar fashion to the Green Goblin.

Ned was later revealed to have been brainwashed into being the Hobgoblin so he could be a patsy for the real culprit.

Before the truth could be revealed, though, Ned was tragically murdered while in Berlin with Peter.

Could Ned in the film become the Hobgoblin and meet a similarly tragic fate?

Spider-Man: No Way Home is released in UK cinemas on December 15, 2021.

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