Director Jon Favreau and Marvel Studios have reached a deal for the director to helm the sequel to Iron Man – which is still scheduled to hit theaters by 2010 despite not having a screenplay.

Deadline Hollywood Daily has reported Marvel Studios worked out a "definitely richer offer" to Favreau to return to the director’s chair for the sequel after a two month public negotiating process to get him back.

In June, Favreau stated the April 2010 deadline seemed unrealistic due to the film still lacking a screenplay.

Iron Man (which features Robert Downey Jr. as Tony Stark) has been heating up the summer box office since its release. The film earned an estimated $104.2 million domestically and $96.8 million internationally for a worldwide total of $201 million in its first five days.