According to The Hollywood Reporter, Black has pitched his idea to the studio for the latest superhero sequel and is in contention with several other filmmakers for the director's chair. Black is expected to also pen the script for the third instalment if he lands the directing job.
Black previously helmed 2005 noir Kiss Kiss Bang Bang, starring Iron Man's Robert Downey Jr. He established himself in Hollywood with scripts for action films Lethal Weapon, The Last Boy Scout and The Long Kiss Goodnight.
Jon Favreau, who directed Iron Man and its 2010 sequel, has departed the franchise to make Magic Kingdom.
Disney plans to release Iron Man 3 on May 3, 2013.