Said to be in the running for the job for some time, The Way of the Gun and Jack Reacher writer-director Christopher McQuarrie is set to helm the upcoming Mission: Impossible 5.

“Mission: Accepted,” he posted to his Twitter feed moments ago.

Following a worldwide gross of $694.7 million for the franchise’s most recent entry, Mission: Impossible – Ghost Protocol, Paramount Pictures and Skydance Productions recently signed leading man Tom Cruise to reprise the role of Ethan Hunt and to produce.

McQuarrie, who is likely to both write and direct the new film, also previously supplied the screenplay to Bryan Singer’s Valkyrie, in which Cruise starred. He’s also among the screenwriters on the upcoming Cruise sci-fi thriller Edge of Tomorrow.

UPDATE: Paramount Pictures has officially issued the following press release to confirm the news:

Paramount Pictures and Skydance Productions announced today that Christopher McQuarrie will direct the next “MISSION: IMPOSSIBLE” film.

McQuarrie will direct from a screenplay by Drew Pearce, with Tom Cruise reprising the iconic role of Ethan Hunt, who was first introduced to moviegoers in 1996. The project will be produced by Cruise through Tom Cruise Productions, Paramount and J.J. Abrams’ Bad Robot, who served as producers on previous films in the hit series. Skydance Productions, who served as co-financers and executive producers of the last installment, will work closely with the team in the development and production process.

“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.”

Added Adam Goodman, President of Paramount Film Group: “The Mission series is special for its signature directors; Chris McQuarrie keeps this tradition thriving.”

McQuarrie recently wrote and directed “JACK REACHER” for Paramount and Skydance, with Cruise in the title role, based on the novels by New York Times bestselling author Lee Child. His screenwriting credits include the upcoming “EDGE OF TOMORROW” and 2008’s “VALKYRIE,” both starring Cruise, as well as “THE USUAL SUSPECTS,” for which he earned an Academy Award® for best screenplay in 1995.

“MISSION: IMPOSSIBLE – GHOST PROTOCOL,” the 4th installment in the globally successful franchise, earned nearly $700M around the world and became Cruise’s highest grossing film to date in his storied career.

The “MISSION: IMPOSSIBLE” franchise has earned more than $2B at the worldwide box office, making it one of the most successful franchises in movie history.

(Photo Credit: Sean Thorton / WENN.com)

(Photo Credit: Sean Thorton / WENN.com)