Top Gun 3 is in the works at Paramount

Paramount is bringing back the Top Gun franchise for one more time with a third installment which has Top Gun: Maverick co-writer Ehren Kruger currently writing a draft.

The word is that the project would reunite Tom Cruise with Maverick‘s Miles Teller and Glen Powell as well as producers Jerry Bruckheimer and David Ellison. Joe Kosinski is said to be directing or producing.

For Paramount, Cruise is currently filming Mission: Impossible 8. The actor is currently working on an outer space film with NASA at Universal. Doug Liman is directing that.

The development comes days after Warner Bros. Discovery announced that Cruise had signed a deal to star and produce movies for Warners, though that pact is non-exclusive.

With a $1.49 billion box office haul, Top Gun: Maverick is the biggest-grossing film in Cruise's career. It won one Oscar last year for Best Sound and was nominated for six Academy Awards including Best Picture.

Top Gun: Maverick is the sequel to the 1986 film, which starred Cruise as hotshot pilot Pete 'Maverick' Mitchell. Directed by Joseph Kosinski, the film also stars Miles Teller, Jennifer Connelly, Jon Hamm, Glen Powell, Lewis Pullman, Danny Ramirez, Monica Barbaro, Ed Harris and Val Kilmer, returning as Iceman.

It is based on the characters of the original film from the makers, Jim Cash and Jack Epps Jr. Maverick is made to confront his past as he trains a younger Top Gun graduate lot, which also includes the son of his dead best friend, for a deadly mission.

Top Gun: Maverick has a screenplay by Ehren Kruger, Eric Warren Singer and Christopher McQuarrie, with story by Peter Craig and Justin Marks.