Favreau helped to create a hugely successful film franchise, starring Robert Downey, Jr. as the comic book superhero, after directing the first two installments and bringing in profits of over $1 billion.
No explanation has been given for the moviemaker’s decision to walk away from a planned third movie, although Favreau recently signed on to bring Disney ride the Magic Kingdom to life on the big screen.
However, he will still act as a producer on upcoming The Avengers film, which will see superheroes Iron Man, Thor, Captain America, the Incredible Hulk and Hawkeye come together in one big blockbuster.
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