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Favreau is Ironed Out

Marvel is now looking for a new Iron Man director. Despite steering the first two Iron Man movies to considerable box-office success Jon Favreau won't now be helming the proposed Iron Man 3, due back in cinemas sometime after The Avengers hits screens in 2012…

It's unclear at this point whether this was a creative, scheduling or financial decision, but  there are some rumours – fuelled by his recent interview with MTV News –  that he was growing frustrated at the lack of clarity over what a third chapter would bring to the table (current indications suggest a continuation of themes collected togther in Marvel's proposed mega team-up).

It has also been noted that Favreau's price-tag, up in the wake of the movies' own profits may also have played  a part in the decision as Marvel and parent company Disney both have a reputation for keeping a tight hand on the purse strings of all their projects.  The first two films may have brought in massive figures, but the production is not a cheap one either – Favreau rumoured to have around a $10 million paypacket for the first sequel. Marvel and Disney have begun looking for a new person to helm the third film but whoever they get will have to find favour with Robert Downey Jnr as the star has a contractual right to approve the man behind the camera.

Regardless of where things stand at this point or what may change/be confirmed in the months to come, Favreau and Downey Jnr are both booked up on other projects for some time and it seems unlikely that Iron Man 3 would even begin production until late 2012, whomever is aboard.

UPDATE:  Favreau himself has confirmed he was off the project via Twitter late on 14th Dec, saying: " It's true, I'm directing Magic Kingdom, not Iron Man 3. I've had a great run with Marvel and wish them the best."