Director Jon Favreau and Robert Downey Jr. really enjoy each other’s company. The two have 2 Iron Man films in the can, and have plans for a third.

Now reports are coming in that Favreau and Downey may be teaming up again!. This time for the big screen adaptation of Cowboys & Aliens, based on the Platinum Studios Comics graphic novel by Fred Van Lente and Andrew Foley.

Favreau is circling the DreamWorks/Universal project, which Downey has been attached to for the last year.

Alex Kurtzman and Roberto Orci turned in their script for Cowboys earlier this month. Now they are rewriting the script with Lost exec producer Damon Lindeloff, whom they just worked with in scripting Star Trek 2.

Let’s hope this is the last set of rewrites and writers for Cowboys, as the script has already been through at least a seven writers or writer teams.

Cowboys & Aliens is set in the Old West, where cowboys and Native Americans battle in Arizona, until a space ship crashes and a new enemy emerges, equipped with superior technology.

The film has an army of powerhouse producers in Brian Grazer and Ron Howard, with Steven Spielberg, Scott Mitchell Rosenberg, as well as Kurtzman and Orci.

Favreau and Downey’s Iron Man 2 hits theaters May 10, 2010.

Shooting for Cowboys & Aliens is being prepped for a summer 2010 production start.

What do you think of Jon Favreau and Robert Downey Jr. teaming up for Cowboys & Aliens?

Source: Variety