Ain't-It-Cool-News reports that Robert Downey Jr. has been cast to play Iron Man for director Jon Favreau at Marvel Studios! The movie will be distributed by Paramount Pictures on May 2, 2008.

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.