Nasa is working with Cruise to film aboard the International Space Station.
There are no details of the film, but Deadline - which first reported the story - said it would not be a new instalment of Mission: Impossible.
The report also said Cruise, 57, is also working with Elon Musk's SpaceX, which will transport two US astronauts to the ISS for Nasa later this month.
Nasa administrator Jim Bridenstine wrote on Twitter: "Nasa is excited to work with Tom Cruise on a film aboard the Space Station!"
Musk replied to say the project "should be a lot of fun!"