Jon Favreau Will Not Direct Iron Man 3
Posted on Wed Dec 15, 2010 09:50 AM PDT

favreaupic200.jpgLOS ANGELES, California (X17online) - Jon Favreau is officially stepping away from directing Iron Man 3 due to a prior commitment with Disney.

In a statement, Favreau says:

    “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.”

Reports claim that since Favreau made $10 million for directing Iron Man 2, Marvel couldn't afford to shell out even more for the next installment.

Favreau's upcoming Magic Kingdom movie will be based on Disney's theme park. Some have also hinted that there's been a strain between Favreau and Marvel. Favreau tells MTV News:

    In theory, Iron Man 3 is going to be a sequel or continuation of Thor, Hulk, Captain America and Avengers. 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.”

Favreau is currently in post production on next summer's Cowboys & Aliens starring Harrison Ford, Daniel Craig, and Olivia Wilde.