Actor Terrence Howard is slated to join Robert Downey Jr. in the upcoming Jon Favreau-directed film "Iron Man."

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Daily Variety reported that the movie is the first to come from a financing arrangement formed between Marvel Studios and Merrill Lynch.

In the film, Howard is set to play Jim "Rhodey" Rhodes, a friend of Iron Man's alter ego, Tony Stark. Rhodes is responsible for driving a team to develop a robotic suit that allows a sickly Stark to fly and battle evil. In the comic, Rhodes reportedly gets his own armored suit, but that development will likely be saved for the sequel, Daily Variety reported.

"Iron Man" will be released by Paramount Pictures on May 2, 2008.