IronWatch24/7 is reporting that even though the first Iron Man pulled in almost $600 million worldwide, and with Iron Man 2 set to bow May 7th (to probably higher box office receipts than the original), Paramount Pictures and Marvel Studios are rebooting the franchise.

It seems the two studios want to go in a different direction with the property. It also appears that McG (Terminator Salvation) is being courted quite heavily to direct this project, and he wants WWE wrestling star/actor John Cena (The Marine) to play the title role.

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"Iron Man is a bigger than life character. Robert Downey, Jr. is great if you want some artsy, fartsy, indie cred but this movie is going to be much bigger than that." McG said during a recent interview in his pre-production office for his upcoming Bradley Cooper/Reese Witherspoon vehicle This Means War.

While talk of doing the movie in 3D is surely going to be brought up, McG was noncommittal with reporters.

"To be honest I can't even think about that right now." He laughed. "However, wouldn't it be stupid cool if it was?"

When asked about John Cena taking on this role McG was quick to point out that he knows it's a risk but it's one he thinks will pay off. Big time.

"Look, I know that a lot of the web universe, the bloggers, and the people that hold Stan Lee's tomb to be sacred might be put off by this. John Cena is not a box office guarantee but look at the guy... he IS Iron Man."

The director then proceeded to give reporters the heavy metal sign, and then he "air guitared" Black Sabbath's "Iron Man," humming the well known riffs for about 5 minutes.

Questions then came up about Terminator Salvation. McG was quite candid in essentially admitting that he dropped the ball on the franchise.

"T-Salvation showed me who I am. I may not be James Cameron yet, but I think that Avatar proves that none of us are James Cameron! I'm pretty stoked on just being McG." He offered philosophically.

Just as reporters tried to digest how radically different McG's Iron Man is going to be from concurrent director Jon Favreau's version, McG had this to say about his vision for the film and the franchise.

"Iron Man needs to be bigger... I want this thing to feel like a wrestling match in space on steroids... but totally in the McG world, you know?"

And what did Stan Lee, the man who created Iron Man in the 1960s, have to say?

"I'm curious to see what they do with this... especially using all this new technology stuff."