The Avengers" release date was recently pushed back by Marvel from July 15th, 2011 by almost a year to May 4th, 2012. AICN is reporting that Marvel is wants Favreau to direct "The Avengers and without the date change, it would be impossible for him to finish Iron Man 2 and still have time to take on the multi-superhero film.
This doesn't mean that Favreau has already negotiated a deal, it just means that he if he wants to take on "The Avengers," he will be able to. Its likely Favreau will end up taking the job as he has expressed interest to do so in the past.
Furthermore Gwyneth Paltrow who will reprise her role as Pepper Potts in Iron Man 2 , let slip on her GOOP site she "can't wait to start (Iron Man 2) in two weeks and hang out with him every day." Its a good thing Favareau got on well with Robert Downey JR on Iron Man, because if he chooses to accept it, he looks set to be directing him more and more for the forseeable future with the Iron Man a big part of the Avengers Project.
Iron Man 2 is now scheduled to be appearing in theaters on May 7th, 2010.
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