The future of Robert Downey Jr starrer much anticipated sequel Iron Man 3 has been put in jeopardy after its director Jon Favreau walked out of it for a better offer.
Contactmusic.com reports, Favreau ditched the project for Disney movie Magic Kingdom.
The 44-year-old was expected to make the third installment in the superhero franchise, which has to date grossed $1.2 billion, however movie bosses are now on the hunt for a new director.
Explaining his decision to walk away from the project, Favreau said that directing Magic Kingdom would give him the opportunity to "find something that lights a fire", and allow him to "blow people away".
Favreau confirmed that he will remain as a producer on Marvel's 2012 adaptation of The Avengers, which will release May 4, 2012, but added that he is now looking forward to seeing what somebody else can do with the hugely popular Iron Man franchise.
