Downey Jr. Suits Up for Both 'The Avengers' and 'Iron Man 2'!

Earlier this afternoon, Marvel sent out a press release officially announcing not only Jon Favreau's involvement as director on Iron Man 2 and executive producer on The Avengers, but also that as part of his four-picture deal, Robert Downey Jr. will indeed reprise the role of Tony Stark (aka Iron Man) in both Iron Man 2 (due out on May 7, 2010) and The Avengers movie due out July, 2011.

As far as The Avengers goes, here's the brief snippet included in the press release: "In a movie event, THE AVENGERS will bring together the super hero team of Marvel Comics characters for the first time ever, including Iron Man, Captain America, Thor, the Hulk and more, as they are forced to band together to battle the biggest foe they've ever faced." No director has been announced yet for that film, and Marvel did not say whether Edward Norton would reprise his role as well, though it's nice to see Favreau involved in some capacity. Of course, the presence of Downey Jr. will definitely do wonders for both Iron Man 2 and The Avengers ... and one imagines that fourth film would be Iron Man 3. The press release also goes on to officially announce the casting of Don Cheadle as Rhodey in Iron Man 2. Check out the full release after the jump.

What say you? Who should direct The Avengers now that Favreau is definitely out of the running?

MARVEL STUDIOS PRODUCTION UPDATE

ROBERT DOWNEY JR. AND JON FAVREAU SUIT UP FOR MARVEL STUDIOS' THE AVENGERS AND IRON MAN 2

As part of his four picture deal with Marvel Studios, Robert Downey Jr. is appearing as Tony Stark in THE AVENGERS motion picture, as well as reprising his starring role as the larger-than-life leading character in IRON MAN 2. Jon Favreau will return to direct the sequel to the blockbuster IRON MAN, which to date has grossed over $578 million worldwide, as well as executive produce THE AVENGERS.

Academy Award® nominee Downey was most recently seen in the summer comedy blockbuster TROPIC THUNDER starring opposite Ben Stiller and Jack Black. Before Iron Man, he was best known for his film roles in KISS KISS BANG BANG, WONDER BOYS and CHAPLIN, the film for which he was nominated for an Oscar®.

In addition to directing the first IRON MAN, Favreau has previously directed ELF, ZATHURA: A SPACE ADVENTURE and MADE. He is also well known for writing and starring in SWINGERS. He will next be seen acting in FOUR CHRISTMASES, I LOVE YOU MAN and COUPLES RETREAT.

DON CHEADLE WILL STAR AS RHODEY IN IRON MAN 2

Marvel Studios is pleased today to confirm that an agreement has been finalized with award-winning actor Don Cheadle to take on the role of Colonel James "Rhodey" Rhodes in Marvel's IRON MAN 2 due in theaters on May 7, 2010. In casting Cheadle, Marvel replaces Terrence Howard who appeared in the role of Rhodey in IRON MAN.
Cheadle is also signed on to perform the same role in THE AVENGERS and subsequent installments of the IRON MAN franchise.

"We are very excited about working with the extraordinarily talented Don Cheadle as we expand the role of Rhodey in Iron Man 2. It has already become apparent as we prep the movie for production, that the dynamic between Robert and Don will take Iron Man 2 to new heights," said Kevin Feige, President of Marvel Studios.

Cheadle is best known for his Oscar® nominated lead performance in HOTEL RWANDA as well as his role as Basher Tarr in the OCEAN'S franchise, CRASH and SWORDFISH.

Based on Marvel's iconic Super Hero, IRON MAN 2 continues the story of this summer's box office blockbuster IRON MAN, the first feature film produced independently by Marvel Studios. IRON MAN 2 will be produced by Marvel Studios' President, Kevin Feige, and executive produced by Louis D'Esposito, Jon Favreau, Stan Lee, David Maisel and Denis Stewart.

In a movie event, THE AVENGERS will bring together the super hero team of Marvel Comics characters for the first time ever, including Iron Man, Captain America, Thor, the Hulk and more, as they are forced to band together to battle the biggest foe they've ever faced.

The highly anticipated sequel to IRON MAN will be released in theatres on May 7, 2010 and THE AVENGERS will be released July 15, 2011. Both films will be distributed by Paramount Pictures.

Cheadle is represented by UTA. Downey and Favreau are represented by CAA.