Paramount Pictures and Skydance Productions has announced that Tom Cruise has signed on to star and produce a 5th installment in the Mission: Impossible franchise. The actor will reprise the role of Ethan Hunt, who was first introduced to moviegoers in 1996.

The project is expected to announce a writer and also a director shortly and will be developed by Cruise, Paramount and J.J. Abrams' Bad Robot, who served as producers on previous films in the hit series. Skydance Productions, who served as co-financers and executive producers of the last installment will work closely with the team in the development and production process.

Here's what Paramount Pictures president Brad Grey had to say about the project.

"We are thrilled to be partnering with Tom on Mission: Impossible once again. The last installment of the Mission series was the biggest in the life of this franchise. Tom has been at the heart of its success and we look forward to his great talent, and the continued global appeal for another Mission, to drive fans around the world to the next chapter of this series."

Tom Cruise has achieved extraordinary success as an actor, producer, and philanthropist in a career spanning over three decades. He is a three-time Academy Award nominee and three-time Golden Globe Award winner whose films have earned in excess of eight billion dollars worldwide-an incomparable accomplishment. Fifteen of Cruise's films have grossed over one hundred million dollars in the United States alone and nineteen have grossed over two hundred million globally, including Oblivion, which is currently in release.

Related: Mission: Impossible 6 Wins the Weekend Box Office with $61.5M

The 4th installment in the globally successful franchise Mission: Impossible Ghost Protocol, earned nearly $700M around the world and became Cruise's highest grossing film to date in his storied career.

The Mission: Impossible franchise has earned over $2 billion at the worldwide box office, making it one of the most successful franchises in movie history.

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