AceShowbiz -

Jon Favreau is not going to return to the next "Iron Man" film. Following a report first brought into attention by Vulture that he will not direct "Iron Man 3", the filmmaker has confirmed that the news is indeed true. "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," Favreau just tweeted on December 14.

While the helmer "is excited about the opportunity to go do his own thing", Kevin Feige as the ultimate custodian of Marvel's "Iron Man" franchise "sees it as an opportunity to bring some more fire to the franchise," Deadline Hollywood said. Marvel is said to have begun the search for a replacement.

Vulture reported, some industry insiders speculate Favreau's fee might be too high for Marvel and thus they do not seal the deal with him. Moreover, the studio reportedly "had been pushing a confusing and packed vision of the third film as a tactic to provoke Favreau into leaving the project". In fact, when recently speaking to MTV about the third "Iron Man" film, he said he had "no idea what it is."

"Iron Man 3" currently still has no script and would start filming as early as 2012 for it is only due May 3, 2013. Robert Downey Jr. is attached to reprise his role as Tony Stark aka Iron Man.

Jon Favreau, who directed both "Iron Man" and "Iron Man 2", has just completed "Cowboys and Aliens". His next project "Magic Kingdom" is developed for Walt Disney Pictures.