Tom Cruise has accepted his new "Mission."
Cruise will produce and star in "Mission: Impossible IV," Paramount Studios confirmed on Tuesday.
Joining Tom as producer will be J.J. Abrams, who also helmed the third installment in the Cruise super spy franchise.
"Tom and J.J. are great talents and we are excited to be working with them to re-launch this legendary franchise," Paramount Pictures Chairman & CEO Brad Grey said in a statement on Tuesday.
Both Cruise and Abrams are working together to find a director for the film, which will be released on Memorial Day weekend 2011. The film will go up against Warner Bros.' "The Hangover 2," also slated for that weekend.
Cruise first stepped into the "Impossible" shoes of secret agent Ethan Hunt for the original "Mission: Impossible" film in 1996. He reprised the role four years later in the second chapter, directed by John Woo.
The "Mission: Impossible" franchise has grossed more than $1.4 billion globally.
Cruise recently wrapped production on the spy action "Knight and Day," opposite Cameron Diaz, slated for release in July 2010.
His last big screen appearance was in December 2008's "Valkyrie," which came four months after his comic cameo in August 2008's "Tropic Thunder."
Abrams is coming off of huge success with the 2009 summer blockbuster "Star Trek," which brought in over $385 million at the box office worldwide.