The actor, 50, will reprise his role as the super spy following the success of the fourth instalment of the action franchise.
Paramount Pictures and Skydance Productions have both confirmed that Tom will star in and produce the next film, according to Deadline.
Cruise has previously revealed that he wants to continue making Mission: Impossible movies as long as they remain popular.
He told Total Film: ‘I started Mission Impossible hoping I could make many of them. It’s a character that I can grow with.
‘At that time it was the most expensive film in the history of Paramount Pictures, and the first film I was producing.’
He added: ‘It’s been pretty exciting. Seeing an audience respond… to have that experience is really wonderful. I’ll make a bunch of those.
‘I’ll make as many as people want to see…because they’re very challenging, and so much fun to make.’