Paramount recently greenlit Mission: Impossible 3, produced by Tom Cruise and Paula Wagner, after cutting the budget to about $150 million and revising Cruise's gross participation deal. J.J. Abrams is directing.
Fishburne will play Cruise's mentor; Hoffman will play the villain. They join Tom Cruise, Michelle Monaghan, Ving Rhames, Jonathan Rhys Meyers and Keri Russell.
J.J. Abrams is set to direct the film which starts shooting in Italy next month.
Mission: Impossible III was released May 5th, 2006 and stars Tom Cruise, Philip Seymour Hoffman, Ving Rhames, Billy Crudup, Michelle Monaghan, Jonathan Rhys Meyers, Keri Russell, Maggie Q. The film is directed by J.J. Abrams.