Robert Downey Jr. has reportedly signed an extensive deal with Marvel Studios under which the actor will suit up for two more Iron Man sequels and play the role of Tony Stark and his heavy-metal alter ego in The Avengers, variety reports.

It was already known that an Iron Man sequel was in works, but the contract which includes Downey’s new projects is fresh news. The big screen adaptation of the comic book story has hauled $318 million at the U.S. box office. The movie grossed nearly $580 million worldwide.

Marvel Studios also announced its plans to release Iron Man 2 on May 7, 2010, and The Avengers on July 15, 2011.

Don Cheadle will be playing Col. James Rhodes instead of Terrence Howard. Cheadle will also appear in The Avengers.

It is rumored that John Favreau will be directing again and will also be executive producer for the The Avengers, a film that will feature characters Iron Man, the Incredible Hulk, Captain America, Thor and other Marvel Studios characters.

Robert Downey Jr. is currently in London shooting in Guy Ritchie’s Sherlock Holmes, which could also turn into a new franchise for the actor. Actors Jude Law and Rachel McAdams also have roles in this film.