According to THR, Shane Black's name has been mentioned in consideration for the gig. Black was a action flick force back in the 1980's and 90's, mostly as the writer of the Lethal Weapon
franchise. He recently made his mark as a director in 2005's Kiss Kiss Bang Bang, which starred Robert Downey Jr. in one of his most well-received roles. So there's a connection there already, in that Black was trying to establish himself in a new arena while Downey was trying to re-establish himself after some personal incidents sidetracked his career. The deal isn't close to being finalized, and the search for new writers and directors is ongoing, however it's expected that if Black gets the job he will pen a draft of the script himself. Sweet. Black will be keeping busy, as he just recently signed on to write/direct an American adaptation of the manga hit, Death Note. So Marvel, the answer to the question is an emphatic "Yes!" Shane Black is the right guy for the job and a perfect choice to replace Favreau. Not that Favreau did a bad job, he did a remarkable job in fact, but Black has a voice and kinetic style to every single project he undertakes. It's a style that I think meshes well with Iron Man's strengths, so let's hope this story pans out.
