"Jersey Boys" revolves around the rise of the famous pop group 'The Four Seasons', which made its name with such signature tunes as "Sherry", "Big Girls Don't Cry" and "Walk Like a Man", reported Ace Showbiz.
The Broadway version was opened in 2005 and has since been played in more than 200 performances.
Four Seasons members, Frankie Valli and Bob Gaudio, will serve as the executive producers.
Favreau will return to "Iron Man 3" but will not direct the film. He has sealed a deal to return as Happy Hogan, the bodyguard of Robert Downey Jr's Tony Stark.
Besides the superhero film, the actor-director will next be seen in "People Like Us" and "Identity Theft".
