Paramount and financing partner Skydance Productions have announced that Christopher McQuarrie will direct the next instalment on the Mission: Impossible franchise starring Tom Cruise.

Cruise will reprise his role as special operative Ethan Hunt. Cruise, Paramount, Skydance and McQuarrie recently collaborated on Jack Reacher.

McQuarrie wrote the forthcoming 2014 Warner Bros release Edge Of Tomorrow starring Cruise.

Cruise produces through Tom Cruise Productions alongside Paramount and J J Abrams’ Bad Robot, who served as producers on previous films in the hit series. Drew Pearce wrote the screenplay.

Skydance Productions served as co-financers and executive producers of the last instalment and will collaborate on development and production.

“I am thrilled to reunite with Chris for the latest installment in the Mission series,” said Cruise. “I began producing the films with the goal that a different director with his own vision would make each one. Chris is an extraordinary filmmaker who will deliver the heart-pounding action and thrills that audiences around the world have come to expect from the Mission: Impossible franchise.”

“The Mission series is special for its signature directors [and] Chris McQuarrie keeps this tradition thriving,” said Paramount president of production Adam Goodman.

2011 release Mission: Impossible – Ghost Protocol, grossed close to $700m worldwide. To date the entire franchise has amassed approximately $2bn worldwide.