Will Ned Leeds as Hobgoblin Be the Villain in Spider-Man 4?
Another theory suggests that No Way Home lays the groundwork for Ned Leeds (Jacob Batalon) to become the Hobgoblin at some point in the future.
Ned's ability to use Strange's ring and open portals on his own could point to his magical potential. And when Ned asks Tobey Maguire's Peter Parker if he ever had a best friend while the gang are formulating cures in the high school science classroom, Peter says yes, but that he turned evil, tried to kill him, and ultimately died in his arms. Ned promises Peter Parker he'll never turn evil and try to kill him, but it almost seems like he's apologising in advance if anything should happen between them. It should be noted that Ned ultimately forgets the promise he made to Peter because of Doctor Strange's second spell making the entire universe forget Peter's existence.
Though it's unclear whether Ned will become Hobgoblin in Spider-Man 4, fans see the developments in No Way Home as laying the groundwork for Ned to take up the mantle somewhere down the line.