Robert Downey Jr. is set to star as Iron Man for Marvel Entertainment and Paramount Pictures.

According to The Hollywood Reporter, Downey will portray Tony Stark, a billionaire industrialist and genius inventor who is kidnapped and forced to build a devastating weapon; using his intelligence and ingenuity, Stark instead builds a high-tech suit of armor and escapes captivity. Upon his return to the U.S., he uncovers a plot with global implications and must don his armor and protect the world.

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Jon Favreau is directing Iron Man which will begin shooting in February; a May 2, 2008 has been set.