Terrence Howard is set to join Robert Downey Jr. in Iron Man, according to Variety.

The Jon Favreau-directed film is the first to be financed through an arrangement that Marvel Studios formed with Merrill Lynch. Paramount Pictures releases the film May 2, 2008.

Howard will play Jim "Rhodey" Rhodes, the confidante of Iron Man's alter ego, Tony Stark. Rhodes, a high ranking military officer and aviator, steers the team that develops the robotic suit that allows the sickly Stark to fly around and battle bad guys.

In the comic, Rhodes' character gets his own armored suit and evolves into an occasionally antagonistic character called War Machine. That development seems likely to be saved for the sequel, though, as Iron Man will battle villain the Mandarin when shooting begins in February in L.A.

"The suit is purely an innovative creation, so this is Marvel meets Tom Clancy technology," Marvel Studios production president Kevin Feige said. "Having the best actors for the key roles allows them to inhabit the hyperkinetic reality of this world."

Iron Man was released May 2nd, 2008 and stars Robert Downey Jr., Terrence Howard, Jeff Bridges, Gwyneth Paltrow, Leslie Bibb, Shaun Toub, Faran Tahir, Clark Gregg. The film is directed by Jon Favreau.