The director told Movies Online, "There's an Iron Man 3. Here's how I know. When they make the option deals, they include Iron Man 3. So I know they're planning on 3. Whether that would be before or after Avengers, they've announced that Avengers is next but they pushed back The Avengers once, which I thought was encouraging."
Favreau did not confirm if he will be filming the proposed collaboration, adding: "My involvement has yet to be determined on that project. You're not going to know about Thor for two years, what that really means. And Captain America, they haven't even started prepping yet. So there's a lot of discovery that has to take place before you can understand what Avengers really is."