Cruise, who is also producing the film, is expected to begin shooting the movie after Warner Bros' 'The Man From U.N.C.L.E.'
Christopher McQuarrie is in discussions to direct the film, which is also being produced by J J Abrams' Bad Robot.
Plot details are being kept under wraps, the Hollywood Reporter said.
'Mission Impossible: Ghost Protocol', the fourth installment in the franchise earned nearly USD 700 million worldwide and marked Cruise's highest-grossing film to date.
The franchise has earned more than USD 2 billion, one of the most successful franchises in movie history.
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