Updated September 27, 2019: Spider-Man: Far From Home director Jon Watts is now in direct negotiations to helm Sony and Marvel's just-announced third joint Spider-Man film, according to Deadline.
This report follows news of Marvel and Sony reaching a deal to include Spider-Man in the Marvel Cinematic Universe for one more solo movie and another unspecified MCU film.
Original Story: Jon Watts isn't signed on to direct any further Spider-Man films and is being "heavily courted for other jobs", according to Deadline.
Watts signed one-picture deals for both Spider-Man: Homecoming and Spider-Man: Far From Home, although series star Tom Holland said in 2016 that he agreed to "three Spider-Man [appearances in other] movies and three solo movies contracted."
A third Spider-Man film has been publicly discussed as early as 2017, with series star Tom Holland saying it would be set in Peter Parker's senior year of high school.