It’s official! Tom Cruise has signed on to reprise his role as super spy Ethan Hunt in the long running Mission Impossible franchise. According to a report from Deadline Hollywood Daily, the actor has reached a deal with Paramount and will lead the cast in the upcoming installment of the series.

Months ago we reported that Cruise along with Mission Impossible 3 director JJ Abrams would return for the fourth film as producers, but Cruise wasn’t on board to star. Instead, we had to sit through constant “will he or won’t he” reports from various sources. Even though the actor will reprise his role as Hunt, don’t expect Abrams to reprise his role as director. He’s decided to give up his power to someone else, and is currently looking for candidates to helm MI:4 at this very moment.

The studio plans on the film being a contender for Memorial Day weekend in 2011, and if all goes according to plan it will be a success just like its predecessors. This is an interesting move on Cruises’ part considering his rocky past with Paramount and Sumner Redstone. When it comes to making money it looks like they all put their differences aside to make a profit. This is what the studio had to say about their renewed partnership with the actor,

“Tom and J.J. are great talents and we are excited to be working with them to re-launch this legendary franchise,” said Paramount Pictures Chairman & CEO Brad Grey.”

Cruise needs another hit on his hands because its been a while, and I’m not sure how well Knight and Day will do at the box office.

What do you think of Cruise returning to do MI:4?