Yes, it has finally been confirmed…

News just in! Jon Favreau will direct Iron Man 2.

The “will he – won’t he” saga has been rumbling on almost since ‘Iron Man’ opened over two months ago.

Fans were in uproar after word came out – fuelled by Favreau himself on his MySpace page – that Marvel may have been stalling over an improved deal for the director.

Now, according to Nikki Finkel at Deadline Hollywood Daily, is to be believed, that the two camps have now reached a deal for Favreau to helm the sequel, after Marvel offered him a “definitely” richer offer.

Favreau is yet to confirm the news via his Myspace blog, however the film’s release date (April 30th, 2010) remains questionable, especially considering Downey Jr. just signed on to Sherlock Holmes today.

We’ll keep you updated as news comes in!