Since Director Jon Favreau (‘Iron Man’, ‘Iron Man 2’) has recently decided not to direct the new ‘Iron Man’ sequel, Marvel Studios has been actively looking for his replacement for their lucrative franchise.

Robert Downey Jr. is set to reprise his role as Tony Stark/Iron Man and the story direction is under wraps.

Black and Downey have previously worked together on the film ‘Kiss Kiss Bang Bang’, which Black co-wrote and directed.

Black is well known for his high-profile spec scripts and movies such as Lethal Weapon and The Last Boy Scout. Currently, he is writing the adaptation of manga ‘Death Note’ and the classic pulp hero ‘Doc Savage’.

The next film is set to be released in May 3, 2013.