"Jack Reacher" helmer Chris McQuarrie is directing this installment. Cruise, Skydance's David Ellison and J.J. Abrams are producing.
Plot details are being kept under wraps but sources say Baldwin's character would be a high-ranking CIA officer who oversee Cruise's division, similar to the role Laurence Fishburne had in "Mission: Impossible III." Drew Pearce penned the script.
The studio is still looking to find the female lead after Jessica Chastain passed on the part. The pic is set to bow on Christmas Day 2015.
Baldwin shouldn't have a problem filling a position of authority after receiving strong reviews as Matt Damon's commanding officer in "The Departed."
He is repped by CAA and N2N Entertainment and can be seen next in Cameron Crowe's untitled film starring Bradley Cooper and Emma Stone that bows Dec. 25.
Deadline Hollywood first reported the news.
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