Jon Favreau tells Marvel Studios that he will not be directing Iron Man 3

UPDATE 2 – Jon Favreau posted the following statement on Twitter: “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.”

UPDATE: According to Deadline, it was in fact confirmed by insiders close to Downey Jr. that Favreau would not be directing Iron Man 3. Favreau is “excited about the opportunity to go do his own thing”. Kevin Feige sees it as “an opportunity to bring some more fire to the franchise”. Favreau will still executive produce on THE AVENGERS.

So Jon Favreau walks into Marvel Studios and says, “GTFO” then proceeds to turn over a table in a fit of rage.

Obviously I’m not being serious.

I really appreciated Jon Favreau’s honesty last week when he shared his thoughts, or lack thereof on the direction of IRON MAN 3. For those who missed it, this is what he had to say:

“Kevin Feige, who’s been involved with Marvel since the X-MEN films, is very aware of his path and how to weave the things. So in theory, IRON MAN 3 is going to be a sequel or continuation of THOR, HULK, CAPTAIN AMERICA, and AVENGERS. So that whole world… I have no idea what it is. I don’t think they do either, from conversations I’ve had with those guys.”

This may be one of the reasons that Favreau told Marvel Studios that he won’t be directing the third installment of IRON MAN. Currently there are a million possible reasons going around right now from creative differences to Favreau’s directing price tag to the frustration with Marvel wanting to cram endless amounts of characters into their films. All of this aside, I’m not really liking this Feige guy.

Last night the studio quietly decided to start looking for a new helmer. There’s a bit of a snag for Marvel when it comes to finding a director though. Robert Downey Jr. has contractually negotiated director approval. There’s currently no script for the film and the studio hopes to start filming at the earliest by 2012.

Favreau will stay on the Disney lot since he is directing MAGIC KINGDOM, a story about, “a family trapped in Disneyland and their magical encounters with all sorts of Disney attractions and rides.”