Favreau directed the first two Iron Man movies, but is acting as producer on the third.
"I feel like a proud grandfather who doesn't have to change the diapers but gets to play with the baby," Favreau said.
A clip from "Iron Man 3" was shown to fans at the panel, as well as test footage of "Ant-Man," the superhero left out of "The Avengers." "Ant-Man" has yet to be cast and no starting date has been assigned, but the film will be made, U-T San Diego reported.
The panel also announced "Thor: The Dark World," "Captain America: The Winter Soldier" and "Guardians of the Galaxy" will be released within the next two years. "Iron Man 3" is scheduled to be released May 3, 2013.
Video of Victoria’s Secret models trying to 'twerk' hits Instagram
Ohio crash that killed two caught on camera [VIDEO]