The film's screenplay was penned by Drew Pearce.
Tom Cruise will reprise his iconic role of Ethan Hunt, who was first introduced to moviegoers in 1996, for a fifth time. Cruise and McQuarrie previously collaborated on the action pictures "Jack Reacher" and "Valkyrie."
The project will be produced by Cruise through Tom Cruise Productions, Paramount and J.J. Abrams' Bad Robot, who served as producers on previous films in the hit series.
Skydance Productions, which served as co-financers and executive producers of the last installment, will work closely with the team in the development and production process.
"I am thrilled to reunite with Chris for the latest installment in the 'Mission' series," Cruise said in a statement. "I began producing the films with the goal that a different director with his own vision would make each one. Chris is an extraordinary filmmaker who will deliver the heart-pounding action and thrills that audiences around the world have come to expect from the 'Mission: Impossible' franchise."
"The 'Mission' series is special for its signature directors; Chris McQuarrie keeps this tradition thriving," said Adam Goodman, president of Paramount Film Group.