The announcement came Thursday at the studio’s showcase at CinemaCon, an annual week-long summit at which Hollywood studios present their biggest upcoming movies to theatre owners and press.
Paramount film co-head Josh Greenstein said “Top Gun 3” was “officially in development with a script well underway”, adding that Cruise would reunite with producer Jerry Bruckheimer on the project.
The original 1986 film helped propel Cruise to superstardom, and the 2022 sequel earned US$1.5 billion worldwide.
Legendary director Steven Spielberg publicly credited Cruise with helping to get moviegoers back into theatres after the Covid-19 pandemic with the long-awaited sequel.
Cruise was not present at the presentation but did narrate a film used to open the event, which focused on the studio’s commitment to releasing films on the big screen.
At the end, Cruise – sitting atop the water tower on the studio’s lot – says, “The future looks great from here.”
Paramount Skydance chief David Ellison told attendees that the studio would guarantee a 45-day theatrical release window for its films before moving them to streaming platforms.
“Once we combine with Warner Brothers, we’re going to make a minimum of 30 films annually,” Ellison said in a pledge to theatre owners. “Long live the movies.”
Paramount has launched a massive US$111 billion bid to take over Warner Bros, topping a rival bid from Netflix.
But many in Hollywood fear the mega-merger will lead to cuts that will forever change the film industry.
Also on Paramount’s upcoming slate is a film adaptation of the popular video game “Call of Duty”, due in theatres in June 2028.
Attendees also saw early footage from “Heart of the Beast”, a thriller starring Brad Pitt as a military veteran who must survive a plane crash in Alaska with his combat dog.
And Johnny Depp showed up to offer a preview of “Ebenezer: A Christmas Carol”, the latest adaptation of the classic Charles Dickens tale, in which he plays the grumpy Scrooge.
CinemaCon continues later Thursday with Disney’s presentation.