There is little doubt that fans have long been speculating about Richard E. Grant's role in Loki. Luckily, the latest episode of the Marvel Cinematic Universe series has finally confirmed what we were all expecting. Well, at least, we were partly right.
SPOILERS AHEAD! PROCEED WITH CAUTION!
In Loki Episode 4, we got to see Sylvie's backstory and saw Loki and Sylvie bond as they faced their death. However, the two were rescued after their bond caused a "nexus event" that allowed Mobius to locate them.
When they are brought back to the TVA, Loki tells Mobius the truth about his existence, that he is also a Variant along with the other agents. When Mobius realizes the truth, he frees Loki only to be pruned by Renslayer.
Loki and Sylvie were finally brought to the Time-Keepers where they fought back against Renslayer and the minutemen with the help of Hunter B-15. Unfortunately, they soon discover that the Time-Keepers are actually androids and that somebody else is in control of the TVA. The discovery is immediately followed by Loki being pruned by Renslayer.
But don't fret, Loki is alive and not actually in Hel. Instead, he wakes up in a strange new dimension where he is surrounded by other Variants, one of which is played by Grant.
It's safe to say that Grant isn't actually Old Loki but a Variant from a different timeline. Considering his suit, it looks like Grant is playing the original Loki who debuted in the comic book issue Journey into Mystery #85 released in 1952.
So we were still kind of right because this Variant is older and at one point, we're expecting the others to call him Old Loki. Hopefully, we'll get to learn about his backstory and how he and the other Variants ended up in this strange new dimension.
Loki Episode 4 is now streaming on Disney+.