The Rock of Ages actor is attached to MGM's newly-unveiled remake of the classic Western, reports Variety.
No director has been hired for the project, but the hunt for a screenwriter is said to be getting underway.
First released in 1960, the film centred around seven gunmen who are hired to protect a Mexican village from a threatening group of bandits.
The Magnificent Seven was itself based on the legendary Akira Kurosawa movie Seven Samurai.
The film was followed by three sequels: Return of the Magnificent Seven (1966), Guns of the Magnificent Seven (1969) and The Magnificent Seven Ride Again (1972), as well as a television show that ran for two seasons on CBS from 1998.
Cruise was last seen in Mission: Impossible - Ghost Protocol.
He will next appear in Adam Shankman's Rock of Ages and Christopher McQuarrie's One Shot, and is currently filming Joseph Kosinski's Oblivion.
Watch Tom Cruise in the trailer for Rock of Ages below: