Favreau's Iron Man is Robert Downey Jr.

Today rumors of Robert Downey Jr. as Iron Man were confirmed. The announcement was made official on Ain’t-It-Cool-News earlier today. Downey Jr. will play the
role of Tony Stark. Based upon Marvel’s iconic Super Hero, the film
will follow billionaire weapons-manufacturer, Tony Stark (Downey Jr.),
who confronts the sins of his past after he is injured by one of his
own weapons. Equipped with a high-tech suit of armor, he becomes Iron
Man to combat evil on a global scale.

The film is due to begin shooting soon and will be released on May 2, 2008 by Paramount.

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