Favreau, who helmed "Iron Man" (2008) and "Iron Man 2" (2010), had to walk away from the "Iron Man" trilogy as he opted to direct "Magic Kingdom". "Iron Man 3" was directed by Shane Black.
Asked if he would like to get in the "Iron Man" universe again as a director, Favreau told IANS: "I don't know. I would like to."
He added that he "likes working with Marvel Studios", the studio which produced the film franchise.
The trilogy might be over, but Iron Man still lives on the big screen through "The Avengers" series. Downey Jr will be making his comeback as the superhero with the release of "Captain America: Civil War". The film also features Chris Evans as Captain America.
The superhero team-up movie is scheduled to release in North America on May 6, 2016.
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