This one won’t be directed by J.J. Abrams, but it is being produced by him and from what is rumored, this will be Brad Bird’s (director of Pixar’s The Incredibles and Ratatouille) live action debut as a director. And honestly, seeing how well The Incredibles was more of an action movie with super heros than it was a traditional Pixar movie, I’m actually really excited about this.

from darkhorizons.com:

Cruise Confirmed For Fourth “Mission”

By Garth Franklin Wednesday July 14th 2010 03:08PM

Despite “Knight and Day” not setting the domestic box-office afire, Paramount Pictures remains committed to a fourth “Mission: Impossible” film and will have Tom Cruise very much back in action as Ethan Hunt says The Hollywood Reporter.

Paramount vice chairman Rob Moore says “We absolutely are excited about having Tom Cruise star in this movie”, re-affirming their commitment to the film and star after speculation in recent weeks of just the opposite.

Online reports in recent weeks have indicated the box-office fate of ‘Knight’ would be a big determinant as to not just the green lighting of a fourth ‘Mission’ but Cruise’s potential involvement with the Ethan Hunt role recast or reworked to be a mentor to an incoming new and younger character.

A big factor will be the international grosses of “Knight and Day” which has yet to open in many key global territories. Should the film under perform there as well, Cruise’s fate may not be so rock solid. However for now it seems likely we’ll see Ethan Hunt back in action at Christmas next year.