Variety reports that Mission: Impossible IV is officially happening at Paramount.

Tom Cruise and J.J. Abrams will be co-producing this sequel, which is set for a 2011 release.

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The only problem with the production of Mission: Impossible IV is negotiating the schedules of Cruise and Abrams.

Abrams is currently eyeing a Star Trek sequel. Cruise recently signed on to an untitled film (once known as Wichita) for 20th Century Fox. James Mangold is directing and Cameron Diaz is also starring.

Cruise is also waiting for a rewrite (along with Denzel Washington) of the The Matarese Circle, to be directed by David Cronenberg for MGM based on a Robert Ludlum novel.