Paramount is definitely putting together a fourth Mission: Impossible flick and guess who's returning as the action lead?

"We absolutely are excited about having Tom Cruise star in this movie," says Paramount vice chairman Rob Moore.

The only catch? The studio is monitoring Knight & Day's overseas grosses to see if Cruise still retains his longtime hold over foreign audiences - if the summer movie rakes in under $200 million overseas, Paramount might consider recasting the role of Ethan Hunt, reports The Hollywood Reporter.

Meanwhile, Katie Holmes' hubby is looking into starring in Paper Wings (Cruise just attended a table read at the Saddle Ranch for it), a story set in the urban cowboy world...

Personally, I'd rather see Tom back in his signature role!