Jon Favreau Jon Favreau

Jon Favreau will not direct Iron Man 3, he announced on Twitter.

"It's true, I'm directing Magic Kingdom, not Iron Man 3," Favreau wrote Tuesday. "I've had a great run with Marvel and wish them the best."

Favreau recently told MTV News that he wasn't sure what Iron Man 3 would be about, especially with The Avengers and separate films for the superhero team members on tap in the next few years.

Watch clips from Iron Man 2

"In theory, Iron Man 3

is going to be a sequel or continuation of Thor, Hulk, Captain America and Avengers," he told MTV News. "This whole world ... I have no idea what it is. I don't think they do either, from conversations I've had with those guys."

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Thor and Captain America: The First Avenger are both scheduled for release next year, with The Avengers following in 2012 and Iron Man 3 in 2013. Robert Downey Jr. is attached to return in Iron Man 3 and to star in The Avengers.

VIDEO: Check out the Thor trailer

Favreau, whose next film Cowboys & Aliens hits theaters in July, signed on to Magic Kingdom — a fantasy that explores after-hours life at Disneyland — earlier this month.Iron Man and Iron Man 2 have combined to gross nearly $700 million domestically. The sequel kicked off the summer movie season in May with a bang, pulling in more than $128 million in its first weekend for the highest opening thus far in 2010. Who do you think should replace Favreau?