
A source told Life & Style magazine: "Tom will make M:I 4 once Paramount greenlights the script."
It was rumoured that movie bosses wanted Brad Pitt to step into the franchise to replace Cruise's Ethan Hunt character.
Cruise exited Paramount in 2006 after falling out with Sumner Redstone, chairman of the studio's parent company Viacom.
He set up his own studio, United Artists, with producing partner Paula Wagner later that year but has experienced mixed fortunes as CEO.
His political drama Lions For Lambs flopped at the box office and Valkyrie has been delayed twice.
Cruise will next be seen in a cameo role in Tropic Thunder, due for release on September 19.
> Click here for our review of Mission: Impossible III
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