Word of a Mission: Impossible IV has floated around since Mission: Impossible III came and went, it would seem.

Instead of becoming just another random Hollywood rumor that eventually runs out of breath and dies, this one has always stayed alive and strong. This is because those associated with the movie, such as mega-star Tom Cruise and sources close to the studio, would always remain confident that it would happen eventually. Their determination has now paid off.

It’s being reported by Deadline Hollywood that Mr. Cruise has officially signed on for the fourth installment of the gigantic Mission: Impossible franchise. The deal will also include Cruise as a producer on the film along with J.J. Abrams, who directed the third film but will not be directing here. This is not very surprising: the first film in 1996 was directed by Brian De Palma while Mission: Impossible II was directed by John Woo, so it’s something of a personality trait for each film to have a different big director.

Mission: Impossible IV may not be getting Abrams back as a director, but a couple of Abrams’ associates in André Nemec and Josh Applebaum, who were writers and producers on shows like Alias and Life on Mars among others.

Now that the deal is official, all signs seem to point toward this being Tom Cruise’s next big project after recently wrapping up the James Mangold picture, Knight & Day, with Cameron Diaz. If all goes well, production will actually begin this summer with a 2011 Memorial Day weekend unveiling being the goal.

If the project moves this fast, expect to find out who the new director will be in the very near future. Who would you like to see take the wheel?