The Iron Man star was drawn to the iconic role after he was shown the British filmmaker’s vision of the new Holmes by Warner Bros bosses.
Downey Jr. was initially introduced to the project by his wife Susan Downey, who is working on it as a producer, according to The Hollywood Reporter.
The reformed hellraiser will go head to head with comedian Sacha Baron Cohen, who is also set to play the classic Sir Arthur Conan Doyle crimebuster on the big screen.
Warner Bros studio executives reportedly plan to have the Ritchie film in cinemas by 2010.
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