Ah, the busy summer of 2011. Universal has already moved its movie out of Battleship back a year to 2012, and both Sony and Pixar have now taken pictures out of the busiest blockbuster season we've seen in years (Spider-Man 4 and Cars 2 respectively). Paramount? It's jumping straight into the middle of it all, with the announcement that it's pushing ahead with its long-mooted fourth Mission: Impossible movie.

The film is set for release on the Memorial Day weekend in the States next year (May 27th), where it's going to go head to head with Warner Bros' Hangover sequel.

And, contrary to earlier speculation, Tom Cruise is very much on board, returning for a fourth time as Ethan Hunt. He's also producing the film along with JJ Abrams, who directed the third Mission: Impossible outing. However, Abrams won't be on directing duties, but he and Cruise have worked out the story that Josh Applebaum and Andre Nemec are now turning into a script.

Paramount is currently looking for a suitable director for the project, and production will presumably kick off later this year.