The Marvel jury may still be out as to who will win Captain America's shield, but we know who he'll be facing off with in The First Avenger: Captain America. According to THR's Heat Vision, Hugo Weaving is in talks to reunite with Joe Johnston to play Cap's nemesis, the Red Skull. It's not yet signed, and Heat Vision cautions that negotiations are in "a delicate stage." As with all the Marvel contracts, actors are reluctant to sign on for multiple films.
I did an enormous breakdown of the Red Skull for Halloween, but in case you don't want to read that many words, here's the short version: The Red Skull has been embodied by a number of men over the Marvel years, but the original was a German named Johann Schmidt. His father tried to kill him at birth, a Jewish girl spurned him, and he just happened to wind up being recruited by Adolf Hitler. Hitler wanted to create the most terrifying Nazi of all, and he had Schmidt wear a red skull mask to enhance his horrors. (Later, an accident with one of Schmidt's poisonous cocktails turns him into a real red skull.) He becomes such an instrument of fear and propaganda that America seeks to create the ultimate American symbol to fight him: Captain America. Red Skull is defeated, but is later found to be in suspended animation, so he's a villain we could see appear in Avenger films. (Hence the multiple film contract.)
Many were hoping Christoph Waltz might be called upon to play another Nazi, but as his star ascended and he joined The Green Hornet, that seemed unlikely. An actor whose voice is the embodiment of menace (sorry, Mr. Weaving), Weaving is a very traditional choice, but that doesn't make it a bad one. He'll be perfect. Now let's hope we can say the same for Cap.