Tom Cruise

Cruise will produce and star in “Mission: Impossible IV,” Paramount Studios confirmed on Tuesday.

Joining Cruise as producer will be J.J. Abrams, who also helmed the third installment in the Cruise super-spy franchise.

Both Cruise and Abrams are working together to find a director for the film, which will be released on Memorial Day weekend 2011. The film will go up against Warner Bros.’ “The Hangover 2,” also slated for that weekend.

Cruise first stepped into the “Impossible” shoes of secret agent Ethan Hunt for the original “Mission: Impossible” film in 1996. He reprised the role four years later in the second chapter, directed by John Woo.

The “Mission: Impossible” franchise has grossed more than $1.4 billion globally.