Tom Cruise has agreed to co-produce the fourth instalment of "Mission: Impossible" with producer J.J. Abrams.

Abrams directed Cruise in the third part of the franchise, which grossed $395 million worldwide in 2006, reported hollywoodreporter.com.

"MI:3" was considered a box-office disappointment since the second film grossed $545 million worldwide and the original raked in $452 million.

The new MI is scheduled for a 2011 release.