Heat Vision says:
Shane Black is in contention to direct Iron Man 3 for Marvel Studios.
The writer/director has powwowed with Marvel execs about his take on the third installment in the blockbuster franchise. As of now he is being considered for the directing job, but the assumption is that if he gets the gig, he would also write a draft.
Insiders said that Black's involvement is far from a sure thing, and that other filmmakers were being looked at.
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Well, we do know he has an established working relationship with Downey. So, that could be good.
I think I'd be pretty well comfortable with him writing the script. Though not so sure about directing (that could go either way). His only directorial work is Kiss Kiss Bang Bang which I enjoyed well enough, but wasn't anything special that I remember. I have enjoyed some of his past screenplays though: Lethal Weapon, The Long Kiss Goodnight and The Last Boy Scout.
They should give it to Joss Whedon instead since he is doing the Avengers movie that way there can be even more of a tie between the movies.