The 50-year-old actor also will produce the untitled film along with J.J. Abrams' Bad Robot company, which also produced the last two Mission Impossible movies.
The fourth installment Mission: Impossible - Ghost Protocol was released in December 2011 and grossed more than $700million at the box office worldwide.
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Fifth mission: Tom Cruise has agreed to return as Ethan Hunt in a fifth installment of the Mission Impossible franchise |
The fourth installment of the spy films was directed by Brad Bird and included newcomers Jeremy Renner and Paul Patton.
The film has been Cruise's biggest commercial success to date during his lengthy career.
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Box office draw: Cruise and Michelle Monaghan starred in 2006's Mission:Impossible 3 |
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Cruise in control: Keri Russell portrayed an IMF agent trained by Ethan Hunt in M:I 3 |
Paramount and Skydance have not named a director, writer or start date for the fifth film.
Cruise was in Japan on Monday to promote his sci-fi film Oblivion that has received mixed reviews from critics, but huge success at the box office.
The film tells the story of a veteran who is assigned to extract Earth's remaining resources, but begins to question what he knows about his mission and himself.
In North America alone it earned $37.1 million during the course of its opening weekend last month, including $5.5 million derived of IMAX screenings from 323 theaters.
These staggering numbers mean it was Cruise's best North American opening outside of the Mission: Impossible film series and War of the Worlds.
Next up Cruise will be starring in Guy Ritchie’s film The Man From U.N.C.L.E alongside Armie Hammer.
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Ghost Protocol: Tom starred in the fourth installment of the Mission Impossible series in 2011 |
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Promo tour: Tom was in Tokyo on Monday to promote his sci-fi film Oblivion wearing an outfit reminiscent of his Top Gun days |
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