Back in December, Marvel Studios was location scouting in Troy, New York for the production of Iron Man 3. Director Jon Favreau (Cowboys & Aliens) also dropped some info about the third installment, saying that Iron Man 3 would actually be more of a sequel or continuation of Thor, The Incredible Hulk, Captain America: The First Avenger, and the Joss Whedon directed team-up, The Avengers, than a follow-up to Iron Man 2.

Favreau confirmed just days later that he would not be directing the third installment of the Iron Man franchise and would instead be directing Magic Kingdom for Walt Disney Pictures.

Favreau confirmed the news on Twitter – 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.

The director then said in an interview,

“Marvel and I both came of age together. The years that we shared were a pivotal experience. Kevin has a firm grasp on the many franchises and how they all interweave and I am happy that I had the opportunity to establish the world that these characters can now play in…. Iron Man has given me tremendous opportunities and Kevin and I are enjoying a lot of momentum in our careers thanks to the Iron Man films. I look forward to seeing what others can do playing in the same world.”

Now, while he’s not the only one in the mix, THR reports that writer/director Shane Black (Lethal Weapon, Kiss Kiss Bang Bang) has reportedly met with Marvel Studios to pitch them his take for Iron Man 3. If Black scores the gig, it will reunite him with Downey, who starred in 2005’s Kiss Kiss Bang Bang which Black directed and co-wrote.

Iron Man 3 is currently slated to hit theaters in 2013.