It is being speculated that the studios are planning on retaining Gunn's script for the film, but are expecting the replacement director to spend time on a rewrite in order to put their own stamp on it.
Glenn Close, who played Nova Prime in 2014's Guardians of the Galaxy, recently opened up about Disney firing James Gunn from Guardians of the Galaxy Vol. 3 after the discovery of some offensive tweets from the writer/director.
Guardians 3 had been tentatively positioned to start shooting in early 2019.
Unfortunately, it looks as though the Marvel Studios President would not have been much help in the matter.
While it's still possible that we could see James Gunn return to Marvel at some point down the road, this report from Variety makes it seem incredibly unlikely. Gunn and his talent agency reportedly tried hard to get him back in the director's chair, but it won't happen. Disney tries more than almost every studio to hold onto their family friendly image, and rehiring a director that they fired for making pedophilic jokes would certainly do more bad than good for their image. Taken at face value, the company's decision to fire Gunn, prompted by a resurfacing of jokes about pedophilia and rape that he made on Twitter years back, has been chastised by defenders of the directors' character, most notably his brother Sean and the Guardians films' starring cast members.
It was previously reported that Marvel was trying to convince Disney to potentially re-sign Gunn in the wake of the controversy.
The meeting was said to be "civil and professional", but sources have claimed that Horn will not be changing his stance and they will continue production of Guardians of the Galaxy Vol. 3 without James. The report says that Feige supports Disney's decision in not rehiring Gunn.