With the latest franchise sequel having entered production last year, Paramount Pictures has some very exciting news today for Mission: Impossible fans. Mission: Impossible 5, formerly planned for release on December 25, 2015, will arrive nearly five months earlier than expected! Look for Tom Cruise’s Ethan Hunt to once again grace the big screen this July 31! The hybrid CGI / live-action family film Monster Trucks, meanwhile, will take Mission: Impossible 5‘s original Christmas Day release. That film was previously scheduled for release on May 29, 2015.

Directed by Christopher McQuarrie (The Way of the Gun, Jack Reacher), Mission: Impossible 5 also stars Jeremy Renner (Marvel’s The Avengers, Kill the Messenger), Alec Baldwin (The Departed, “30 Rock”), Simon Pegg (Star Trek, The World’s End), Ving Rhames (Pulp Fiction, Dawn of the Dead) Simon McBurney (The Last King of Scotland, The Theory of Everything) and Rebecca Ferguson (Hercules, The Red Tent) and features a screenplay by Will Staples and Drew Pearce.

The July 31 date will see Mission: Impossible 5 opening opposite the Antoine Fuqua-directed boxing drama Southpaw (starring Jake Gyllenhaal, Rachel McAdams, Forest Whitaker, Naomie Harris, Curtis “50 Cent” Jackson, Rita Ora and Victor Ortiz), the Ericson Core-helmed big screen remake of Point Break (starring Ray Winstone, Teresa Palmer, Edgar Ramirez, Luke Bracey) and Tarsem Singh’s Ryan Reynolds-led science fiction thriller Selfless.

No plot details for Mission: Impossible 5 have, as of yet, been released, but check back for updates as soon as they become available. If you missed them, you can also check out some photos from the new film’s London production right here.