Looks like Robert Downey Jr has corralled his Iron Man mate in to direct the long-gestating Cowboys And Aliens pic.
Downey has been attached to the movie since last summer, but it's been hunting for a director for much longer than that.
With Favreau now considering the idea - and apparently close to a deal - chances are it'll start shooting next summer, giving the pair some time together between Iron Man work.
Cowboys is currently set up as a DreamWorks/Universal co-production, though it has bounced around Hollywood and landed on the desk of several filmmakers, including Steve Oedekerk.
Originally nabbed by DreamWorks back in 1997, the graphic novel by Fred Van Lente and Andrew Foley sees alien invaders arrive in the middle of an old West scuffle between pioneers and native Americans.
Downey Jr will play a hard-edged lawman trying to keep colonists safe.
Star Trek scribes Alex Kurtzman and Bob Orci are writing yet another draft of the script with Lost (and Trek 2) writer Damien Lindelof, but if you're worried about another Transformers-style mess, take heart: Favs could turn it into something great.
Is this good news? Or do you wish they'd get on with Iron Man 3?
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