Paramount Pictures announced Tuesday that they are moving forward with producing ‘Mission Impossible IV’ and that Tom Cruise will star and produce.

J.J. Abrams, who directed ‘Mission: Impossible III,’ will co-produce the film, which will be based on an idea from Cruise and Abrams and will hit theaters Memorial Day weekend 2011.

Paramount, Cruise and Abrams are currently in the process of choosing a director.

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