Cruise and J.J. Abrams -- who co-wrote the "Mission: Impossible III" screenplay -- will produce from a screenplay by Josh Appelbaum and Andre Nemec, a writing duo hired last summer to pen the script from an idea hatched by Cruise and Abrams. Appelbaum and Nemec spent four seasons with Abrams as co-exec producers of "Alias."

The announcement also means that Paramount's managed to repair its relationship with Cruise after ditching the star four years ago.