According to the Hollywood Reporter, Shane Black is in "contention" to direct Iron Man 3.
Apparently Black has been talking with execs from Marvel Studios on his ideas for Iron Man 3. It's stated if Black gets the job, most likely he will be the one coming up with the script.
HR notes, "Black's involvement is far from a sure thing, and that other filmmakers were being looked at."
Black and Iron Man actor Robert Downey Jr. are no strangers as the two have previously worked together on the film Kiss Kiss Bang Bang (2005).
Shane Black's credits include Lethal Weapon and The Last Boy Scout, and the upcoming Doc Savage and Death Note.
Iron Man and Iron Man II director John Favreau vacated the "chair" after, some say, Favreau's vision of Iron Man didn't match up with what Marvel Studios wanted. From what I've read, Marvel Studios wanted the Iron Man movies geared more toward its upcoming Avengers. Regardless what is the truth, IM2 was not even close to as good as the first, imo, which could be as a result of the Studios influence - leading to Favreau's departure.
Iron Man 3 is scheduled to be released on May 3rd, 2013.