Cruise, 50, had dropped out of the project last week due to his schedule bumping up against "Mission Impossible 5", said the Hollywood reporter.
Directed by Guy Ritchie, the movie is based on spy adventures of American agent Napoleon Solo and Soviet agent Illya Kuryakin.
Armie Hammer is still onboard to co-star in the film, while Swedish actress Alicia Vikander is in negotiations for the female lead.
Cavill is in talks to play Solo while Hammer is set to play Kuryakin.
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