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Tom Cruise set for Mission: Impossible 5

Los Angeles - Tom Cruise has signed on to star in Mission: Impossible 5.

The actor is officially set to reprise his role as secret agent Ethan Hunt in the fifth instalment of the action franchise after inking a deal with Paramount Pictures and Skydance Productions, reports Deadline.

Cruise could re-team with Christopher McQuarrie - who directed him in last year's Jack Reacher - on the project as the director is reportedly set to helm the film, however, Paramount has yet to finalise a writer/director.

Jack Reacher sequel

The new film would follow 2011's hit blockbuster Mission: Impossible - Ghost Protocol which was well received by critics and earned nearly $700m worldwide.

That film was directed by Brad Bird and saw The Avengers star Jeremy Renner join the franchise while Simon Pegg reprised his role as technician Benji Dunn.

Meanwhile, Paramount and Skydance are also reportedly mulling a sequel to action flick Jack Reacher, which grossed over $200m.

Cruise - who was most recently seen in sci-fi blockbuster Oblivion - has also signed on to star in a big screen adaptation of TV show The Man from U.N.C.L.E. The Warner Bros production will co-star Armie Hammer and will be directed by Guy Ritchie.

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