"Chef" is about a cook who loses his job and starts up a food truck to reclaim his artistic promise as well as reunite with his estranged family, reported Variety.
"Setting a film in the culinary world of Los Angeles offers wonderful opportunities for a character-driven comedy," said Favreau.
The "Iron Man" filmmaker will direct from his own script. The movie also stars Sofia Vergara, John Leguizamo and Bobby Cannavale.