Paramount Pictures has gone out of their way to announce Mission: Impossible 4  — what feels like a rushed project, coming out in just over a year.

The film is being described as a reboot, without J.J. Abrams behind the camera and will most likely introduce agents to take over the franchise. It also arrives during a packed May 2011 which already has scheduled Thor (5/6), Pirates of the Caribbean: On Stranger Tides (5/20), and The Hangover 2 (5/26).

HOLLYWOOD, CA (February 9, 2010) – Paramount Pictures announced today that it is making “Mission Impossible IV.” The film, which will be produced by Tom Cruise, J.J. Abrams and Bad Robot Productions and will star Cruise, will be released Memorial Day weekend 2011.

“Tom and J.J. are great talents and we are excited to be working with them to re-launch this legendary franchise,” said Paramount Pictures Chairman & CEO Brad Grey.
 
Screenwriters Josh Applebaum and Andre Nemec are attached to write the script, from an original idea by Cruise and Abrams.

The studio, Cruise and Abrams are in now the process of identifying a director for the film.

 Abrams’s last project with Paramount was “Star Trek,” which he produced and directed. The film grossed $385 million globally.  Cruise’s “Mission Impossible” franchise has grossed over 1.4 billion globally.

“Mission Impossible IV” will be co-financed by David Ellison’s Skydance Productions.