Jon Favreau will not return to direct the third installment of Marvel Studios’ Iron Man franchise, EW has confirmed. According to a source familiar with the situation, the parting was amicable. (Vulture first reported the story.) The Cowboys Vs. Aliens helmer — who will remain involved in the Marvel family as an exec producer on The Avengers, helmed by Joss Whedon — wants to focus on other projects, including what’s believed to be his next directing gig, Magic Kingdom, a fantasy that imagines after-hours life at Disneyland, a la Night At The Museum. Marvel will now begin looking for a new director for Iron Man 3, which the company has scheduled for a 2013 release. Which begs the question: Who do you think it should be? Whedon? Perhaps TRON: Legacy‘s Joseph Kosinski? Post your nominees below.
UPDATE: Favreau posted the following to his Twitter feed: “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.”