Favreau is still in talks with financiers and talent to join the project but if deals with both parties close, Favreau would write, direct and star in the project.
The plot details are vague but sources say the film would be set in a Los Angeles-based restaurant run by a emotional chef that Favreau would play.
Favreau has acted in a handful of supporting roles recently but hasn’t helmed a pic since 2011’s “Cowboys & Aliens.” Though Favreau has been concentrating on big-budget fare like the first two “Iron Man” pics but this project would be the smallest film he’s helmed since “Made” in 2001.
“Made” was also the last time he directed and starred in a pic, though he had small roles in both “Iron Man” pics and “Elf.”
Favreau is repped by CAA and can be seen acting next in “Iron Man 3” as well as the Martin Scorsese pic “The Wolf of Wall Street” which bows in November. He had been developing “Magic Kingdom” for Disney and was attached to direct “Jersey Boys” for GK Films and Warner Bros. but left the project when it could not get a greenlight from the studio.