UPDATE: 10/15/10 8:30 AM PST A new Entertainment Weekly story reveals that Tom Cruise won't be involved in a Top Gun sequel. While Paramount wouldn't even confirm that a sequel is in the works, the site did manage to confirm that Christopher McQuarrie has been approached to write the script, according to a rep for the writer. We'll be sure to keep you posted with any updates on this proposed sequel as soon as we have more information.
Christopher McQuarrie will write the script, which will feature a cameo for Tom Cruise's Maverick. The studio has made offers to both director Tony Scott and producer Jerry Bruckheimer to return as well. Vulture states that Tom Cruise is willing to return for a smaller role, given it isn't an "obvious" nod to the original, such as a now-hardened flight instructor.
27-year-old David Ellison, the son of Oracle founder Larry Ellison, is a key figure in the sequel. He has raised $350 million to co-finance four Paramount movies, the first of which is Tom Cruise's Mission: Impossible 4. His love for the original Top Gun lead him to becoming an aeorbatic and commercial pilot himself before attending film school and starting his own production company. He also starred in and financed the 2006 movie Flyboys.
No deals have been signed as of yet. We'll be sure to keep you posted with any further details on a Top Gun sequel as soon as we have more information.