The story, featuring all new characters, will be set in the year 7ABY, putting it just three years after the events of Return of the Jedi and a full 27 years before The Force Awakens. But that's not all, he also revealed a short synopsis!
The highly-anticipated series will be the first live-action series set in the Star Wars galaxy, which Favreau is serving as executive producer. "We follow the travails of a lone gunfighter in the outer reaches of the galaxy far from the authority of the New Republic", the Iron Man and Jungle Book filmmaker posted.
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A Star Wars series of this kind has been in various forms of development for years, with George Lucas coming close to realising it in the mid-00s with Underworld, for which around 50 scripts were written. There have been various animated shows, including Ewoks and Droids in the '80s, and The Clone Wars and Rebels more recently.
Disney is slated to launch their new streaming platform sometime in 2019. He has played roles in both "Star Wars: The Clone Wars" and "Solo: A Star Wars Story".
Furthermore, we've also heard that the planet will be in a state of disarray when things kick off, which means Favreau's live-action TV show will focus on "restoring Mandalore to its former self".