While in attendance at the Hero Complex Film Festival, Favreau revealed that he will unveil his forthcoming film at the San Diego convention in July.
Favreau said that he chose Comic-Con to host the worldwide premiere of Cowboys & Aliens because it offered "a way to include as many of the fans as possible". He went on to state that thanks to their overwhelming support, the audience of Comic-Con "should have the opportunity to see it first".
Harrison Ford, who stars in Cowboys & Aliens, stunned crowds at the San Diego convention last year when he appeared on stage in handcuffs, receiving a standing ovation from the 6,000-strong crowd that had gathered.
Favreau recently revealed that making Iron Man 3 will be tricky, stating that the storyline of the film will be difficult to write following The Avengers.
In addition to Ford, Cowboys & Aliens stars Daniel Craig and Olivia Wilde. It opens in cinemas on July 29.
Comic-Con 2011 runs from July 21 to July 24 at the San Diego Convention Centre.
Watch the trailer for Cowboys & Aliens below: