To be produced by Cruise, J.J. Abrams and Bad Robot Productions, the film is expected to be released Memorial Day weekend 2011.
"Tom and J.J. are great talents and we are excited to be working with them to re-launch this legendary franchise," Paramount Pictures Chairman and Chief Executive Officer Brad Grey said in a statement Tuesday.
Josh Applebaum and Andre Nemec are to write the script from an original idea by Cruise and Abrams. The studio, Cruise and Abrams are in the process of finding a director for the film.
Abrams's latest project with Paramount was "Star Trek," which he produced and directed. The film grossed $385 million globally. Cruise's "Mission Impossible" franchise has grossed more than $1.4 billion worldwide, Paramount said.