The Mission: Impossible actor will star in and produce the revived franchise movie, reports Deadline.
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The project comes as one of the initial films in a first-look production deal between Universal and writer/producer team Alex Kurtzman and Roberto Orci.
The pair are also working on a new Mummy film under the new deal.
"Alex and Roberto are extraordinarily talented writers and producers who know the value of a great story in building successful 'tentpole' films," Universal co-chairmen Adam Fogelson and Donna Langley said in a joint statement.
"They have been a major part of some of Hollywood's biggest movies and television shows in recent history, and we're eager to have them build on that success at Universal."
Guillermo del Toro was previously linked to the revival of Stephen Sommers's 2004 film, which starred Hugh Jackman.
Kurtzman and Orci have worked on numerous high-profile movies including both Star Trek films and the Transformers franchise.
The pair were co-writers on Cruise's Mission: Impossible 3.