Rumours of a follow up to the 1986 blockbuster emerged last year, with Cruise saying that a sequel will happen only if the script is good.
Paramount executive Adam Goodman confirmed that the project is officially in pre-production in an interview with The Hollywood Reporter.
Talking about a possible fifth instalment of the Mission: Impossible series, Goodman said: "We'll likely make a Top Gun sequel with Tom Cruise first. Jerry Bruckheimer would produce, with Tony Scott returning to direct... All parties are moving ahead."
The Town writer Peter Craig has been tapped to write the script.
The original Top Gun starred Cruise as Maverick, a cocky fighter pilot opposite Val Kilmer and Kelly McGillis.
The movie also featured Anthony Edwards, who would later go on to star in ER, Tim Robbins and Meg Ryan.
Watch the original trailer for Top Gun below: