"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 also spoke to the LA Times about his decision to leave Iron Man behind:
“Marvel and I both came of age together,” Favreau said. “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.”Favreau is now set to direct Disney's 'Magic Kingdom,' for which he has this to say on the project:
“Between the theme parks and the movies, the Disney iconography was probably the first set of archetypes that I was exposed to,” Favreau said of his youth in Flushing, N.Y. “Walt was able to expose me as a child to the full array of emotions, including fear and sorrow. Those movies and attractions haunted my dreams and made a deep impression on me as a child. When I first heard about the ['Magic Kingdom' film] project, I was on my way to visit Disneyland with my family. I took notes and had no problem filling a book with all the ideas that this concept offered, even on first blush. Since then, I was lucky enough to be given a tour of Imagineering by Tony Baxter, who knows just about everything there is to know about Disneyland. He pulled original concept art from the archives for me and exposed me to Walt’s original vision.”
Vulture reports that Jon Favreau has just informed Marvel Studios that he won't direct a third Iron Man film.
Vulture sites an informed source as saying Favreau was frustrated with Marvel wanting to include more and more of their characters into the Iron Man series, especially in the wake of Iron Man's role in The Avengers.
Marvel is now beginning the process of finding a director to replace Favreau, whoever is picked will have to be okayed by Robert Downey Jr., who has contractual approval over the director of the film. Favreau's next project will be the studio's Magic Kingdom, about a family trapped in Disneyland and their magical encounters with all sorts of Disney attractions and rides.