YOu never know - he was 'off' IM2 for a LONG time and said "it just wouldn't work" etc. back before IM2. It's known in hollywood as 'negotation'.
Marvel made a money offer.
Favreau and agent want more money - make statements.
Marvel will then decide if it's worth it to make another offer, etc.
Faverau has always been pretty good in his ainstream Hollywood deals in the last few years. If/When Marvel offers him a sum he likes, he'll jump. If not, they'll get a new face for the director's chair.
It's the way Hollywood works.