After raking in just under $700 million worldwide with Mission: Impossible Ghost Protocol, producer-star Tom Cruise's action franchise is bigger than ever. Paramount and Skydance Productions are currently putting together Mission: Impossible 5, with writer-director Christopher McQuarrie considered the top choice to direct the sequel.

Tom Cruise has been working with Christopher McQuarrie more and more ever since the 2008 historical drama Valkyrie, which Christopher McQuarrie wrote. Tom Cruise stars in the upcoming Jack Reacher, which Christopher McQuarrie wrote and directed. The filmmaker has also provided uncredited rewrites for Tom Cruise vehicles such as All You Need Is Kill and Mission: Impossible Ghost Protocol.

RELATED: Mission: Impossible 7 Halts Filming Once Again After Positive COVID Test

Tom Cruise is producing the sequel alongside J.J. Abrams. Nothing will be fully official until Paramount and Skydance bring writers on board to craft the screenplay. It isn't known when the studio plans on getting production started at this time.