Tom Cruise and filmmaker J.J. Abrams are to team up for another Mission: Impossible.

Abrams, who directed Cruise in the third "Mission: Impossible," has signed on for the fourth film in the franchise, which Cruise will star in and produce.

And Paramount studio bosses already have a release date - the film will go up against The Hangover sequel on Memorial Day weekend next year.

The "Mission: Impossible" franchise has grossed more than $1.4 billion globally.

Image © PR Photos