Favreau Rules Himself Out Of Iron Man 3

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December 14, 2010 | 8:45pm EST

Jon Favreau has left Marvel movie bosses desperately searching for a new director to take charge of Iron Man 3 after turning down an offer to direct the project.
Favreau helped to create a hugely successful film franchise, starring Robert Downey, Jr. as the comic book superhero, after directing the first two installments and bringing in profits of over $1 billion.

No explanation has been given for the moviemaker’s decision to walk away from a planned third movie, although Favreau recently signed on to bring Disney ride the Magic Kingdom to life on the big screen.

However, he will still act as a producer on upcoming The Avengers film, which will see superheroes Iron Man, Thor, Captain America, the Incredible Hulk and Hawkeye come together in one big blockbuster.