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.