Sounds like J.J. Abrams has committed to produce (although likely won’t direct) the upcoming Mission: Impossible IV, which Paramount is targeting for release in 2011. In addition, ol’ J.J. is also working on the sequel to this summer’s super blockbuster of awesome, Star Trek. If you don’t remember, J.J. directed the last installment of the Mission: Impossible franchise, which was his first actual movie directing job. He knocked it out of the park, in my humble opinion. M:I:III (or whatever the hell it was called) was by far the best of the franchise, and really kicked butt.
Tommy Cruise is also pretty busy, working on a film with James Mangold and Cameron Diaz, that was originally known as Wichita. The studio, is announcing the project, is already forecasting delays that may make them miss the 2011 target. Still, I wouldn’t mind seeing another adventure of ol’ Ethan and the Impossible Mission Team!