After grossing more than $700 million at the worldwide box office, it seemed like a sure thing Paramount and Skydance would set up another installment of the “Mission: Impossible” franchise and they have now made it official with Tom Cruise signing on to star and produce the fifth movie in the series.

Cruise would produce along with J.J. Abrams’ Bad Robot, which produced the last two films. Deadline Hollywood broke the news.

Paramount and Skydance have not set a writer, director or start date yet.

The last installment, “Mission: Impossible – Ghost Protocol,” was helmed by Brad Bird with Jeremy Renner and Paul Patton joining Cruise’s character, Ethan Hunt, in the film. No plot details have been revealed.

The CAA-repped Cruise was most recently seen in Universal’s sci-fi pic “Oblivion,” which has grossed more than $220 million world wide.

‘Oblivion’ Premiere (Photos):