The Iron Man star will take the director's chair on the Lost creator's new action drama, according to Deadline.
This is the first time that Favreau will direct a television drama pilot, in spite of his extensive experience as a movie director.
He has some previous experience in TV direction, most notably helming the pilot of David Arquette comedy In Case of Emergency and an episode of Jimmy Kimmel Live! last July.
Revolution was picked up by NBC earlier this month and is to be written by Abrams in collaboration with Supernatural creator Eric Kripke.
The show has been described as an "epic adventure thriller", charting the survival of a group of characters in a world where all forms of energy have ceased to exist.
Pilots recently ordered by NBC include a remake of UK prison drama Bad Girls and sci-fi show Beautiful People.
Bryan Fuller and Bryan Singer's reimagining of The Munsters, which has been given the title Mockingbird Lane, has also been ordered to pilot by the Peacock Network.