According to Entertainment Weekly, a representative for the actor has denied yesterday's reports claiming that Cruise will return for the follow-up.
However, Christopher McQuarrie (The Usual Suspects) - who was linked to the project in the same report touting Cruise's comeback - has been been confirmed as the first choice screenwriter for the project.
Paramount is also allegedly looking to bring back director Tony Scott and producer Jerry Bruckheimer for the sequel to their 1986 blockbuster.
Bruckheimer recently discussed the idea of a Top Gun sequel, saying that "the aviation community has completely changed since we made the movie a long time ago. So we have to find a way in and how to incorporate the Maverick character into it".