The Mission: Impossible - Ghost Protocol star is said to be in talks with the studio to take on the lead role, despite previous rumours of Brad Pitt's involvement.
"The studios are interested in him again," an unnamed producer told The Hollywood Reporter.
We Mortal Are, previously titled All You Need is Kill, is being directed by The Bourne Identity helmer Doug Liman.
The film is based on the Japanese manga by Hiroshi Sakurazaka about an army recruit who dies in battle against an alien invasion, and is forced to live out the last day of his life over and over in an effort to change his fate.
We Mortal Are is being eyed for release in 2013.
> Mission: Impossible - Ghost Protocol - preview
Watch Tom Cruise in the trailer for Mission: Impossible - Ghost Protocol below: