As originally rumored a few days ago, Hollywood Reporter is confirming that JJ Abrams and Tom Cruise are teaming up to produce a fourth Mission Impossible, which, if Hollywood sequel-naming trends bear out, will probably be called The Mission ImpossibleUnfortunately, it looks like Abrams won’t be directing (as he did on Star Trek, which was awesome) and it’s unclear whether Cruise will star (though that part isn’t as unfortunate).

Abrams directed Cruise in the third installment of the TV-derived franchise, which grossed $395 million worldwide in summer 2006. Relatively speaking, “MI:3″ was a box office disappointment, since the second film grossed $545 million worldwide and the original raked in $452 million.

Though Abrams is not on board to direct the new “Impossible,” he and Cruise could reconceive it in a way that is closer to the ensemble approach of the TV series. Or they could reconfigure Cruise as Ethan Hunt in a less front-and-center role, as some kind of mentor to the new M:I crew. Then again, no one can rule out Cruise as the guy who will carry the franchise for the duration. [THR]

Or maybe Cruise will do battle with a horde of space lesbians, accompanied only by his masturbating iguana, Reacharound.  Gosh, journalism is fun.