Reports are coming in from around the web that director Jon Favreau has decided not to direct "Iron Man 3" for Marvel Studios after leading the first two films in the franchise to great success.
Vulture has the officially unconfirmed first report where they speculate that either a lack of creative control, a tougher negotiating stance for salary or a mixture of both are contributing factors to Favreau's supposed decision. The site points towards a recent interview with MTV News where the upcoming "Cowboys & Aliens" director said of the future of the franchise "In theory, 'Iron Man 3' is going to be a sequel or continuation of 'Thor,' 'Hulk,' 'Captain America' and 'Avengers. This whole world...I have no idea what it is. I don't think they do either, from conversations I've had with those guys."
Meanwhile, Collider reminds readers that star Robert Downey, Jr. has contractual approval of any director for future installments of the movies.
CBR News has reached out to representatives from Marvel Studios on this story but hasn't yet received confirmation or denial of this rumor.
Whether Favreau will eventually publicly declare his intentions for "Iron Man 3" or not, the director's next film will be "Magic Kingdom" - a family fantasy for Disney set in the company's Disneyland theme park.
UPDATE 4:15 PM: Sources close to the situation have confirmed to CBR that Jon Favreau will not direct "Iron Man 3."
UPDATE 5:00 PM: And Jon Favreau makes it "officially" official with this recent tweet: "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."