Paramount is gearing up for a big mission.

In a story for the Hollywood Reporter, Paramount Home Entertainment is expected to announce today that it will release Mission: Impossible III on DVD, HD-DVD and Blu-ray Disc all on October 30.

This would make the Tom Cruise vehicle "the first movie ever to be released simultaneously on standard DVD as well as on both next-generation, high-definition optical disc formats."

"I'm thrilled that people will get a chance to see Mission: Impossible III with the best possible picture and audio," said director J.J. Abrams .

"This is certainly a significant milestone in the launch of the high-def formats," said Tom Adams, president of Adams Media Research. "It's clearly way too soon to know which format is going to prevail, and it may be years. So I think we'll see a lot more dual-format releases, at least in the short term. The interesting moment will be if we see that from somebody besides Paramount and Warner Home Video, the only two studios that have announced support for both formats."

Meagan Burrows, president of domestic home entertainment at Paramount Pictures had this to say about the Mission: Impossible III release. "Mission: Impossible III set a new standard for action films and is setting a new standard for the home entertainment experience. We're giving consumers all their options including the HD releases with a pristine presentation of the film as well as high-definition bonus features created exclusively for the movie."

According to the studio, "the two-disc Special Collector's Edition DVD, HD-DVD and Blu-ray Disc will each come loaded with special features, including five deleted scenes, Easter eggs (hidden special features), theatrical trailers and four documentaries: 'The Making of the Mission,' 'Mission Action: Inside the Action Unit,' 'Visualizing the Mission' and 'Scoring the Mission.'"

In addition to this, "the HD-DVD and Blu-ray Disc versions also will feature the film in 1080p High Definition with 5.1 Dolby Digital Plus."

The HD-DVD release will also include an "enhanced commentary" with Abrams and Tom Cruise that will show them talking in a corner of the screen as the movie plays.

The Special Collector's Edition DVD also will offer "a regular commentary with Cruise and Abrams, a 'Moviefone Unscripted' segment in which the two answer questions from fans, tribute montages and a photo gallery."

For those who have yet to adopt the next generation technology, the standard DVD will be available with only the commentary, "The Making of the Mission" documentary and deleted scenes.

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.