The Risky Biz Blog is reporting today that Jon Favreau has officially slated Cowboys and Aliens as his next directing gig following Iron Man 2 with Robert Downey Jr. attached to play the lead. Cowboys and Aliens is an adaptation of the Platinum Comics graphic novel. The first draft of the screenplay was co-written by Iron Man writers Mark Fergus and Hawk Ostby. Then Star Trek writers Alex Kurtzman and Roberto Orci took over and have been rewriting it with "Lost" producer Damon Lindelof. Now DreamWorks is readying the project for a summer of 2011 debut.

Exactly as it sounds, Cowboys & Aliens, written by Fred Van Lente and Andrew Foley, explores what would happen if the traditional Old West enemies, cowboys and American Indians, found the prairie attacked by aliens in mid-1800s Arizona. 

I am not very familiar with the Cowboys & Aliens comic, but it sounds like it could be quite the interesting story. We here at Rewind and Adjust made a post about the potential of this film quite some time ago July of 2008, and we haven't heard much news of it since then. But today we find out that this film is actually happening. Looks like fun and looks like Favreau and Downey Jr. are up for continuing their collaboration for yet another round.