UPDATED: Following the massive success of “Mission: Impossible – Rogue Nation,” Paramount and Skydance are hoping to stay in business with writer-director Christopher McQuarrie. According to sources close to the situation, McQuarrie will return to write “Mission: Impossible 6,” as well as possibly direct the next installment.

The studio and reps for McQuarrie have declined to comment, but several sources with knowledge of the situation say talks are progressing towards a deal being closed, with one insider saying that the studio plans to get production up and running by next August.

Tom Cruise is set to star with the studio also holding an option for Rebecca Ferguson to reprise her “Rogue Nation” role of Ilsa Faust. Cruise is currently filming “Jack Reacher: Never Go Back” in New Orleans. Following the success of “Rogue Nation,” Paramount made it clear they wanted to move fast to get the next installment of the popular “M:I” franchise into production sometime next year.

If McQuarrie’s deal closes, it would mark a major milestone for the franchise, which has never had a director helm more than one installment.

While he has plenty in development, McQuarrie has nothing pressing on his slate that would impede him from working on an “M:I 6” script and prepping the film for a summer 2016 shoot.

He is repped by CAA and Ken Kamins at Key Creatives.

UPDATE, Nov. 30, 2015: McQuarrie confirmed on Twitter Mondaythat he will direct the next “Mission: Impossible.”