According to Variety, Kenneth Branagh is in negotiations to direct Thor for Marvel Studios. This choice by Marvel is surprising in a way, considering Branagh has not directed a big action adventure movie before. However, that seems to be the way things are going lately. Jon Favreau ended up directing Iron Man, Warner Bros gave the Batman franchise to Christopher Nolan and Gavin Hood was chosen by Marvel and Fox to direct X-Men Origins: Wolverine. Now is a good time to be a director of smaller movies!
Thor already has a script which was written by I Am Legend writer Mark Protosevich and previous director Matthew Vaughn. The film follows a disabled medical student named Donald Blake, who has an alter ego as the hammer-wielding Norse god Thor.
Thor has a release date of June 2010, which is a few months after Iron Man 2 is released. (Expect crossovers!)