Los Angeles, Jan 13 (IANS): Hollywood star Tom Cruise is working on ‘Top Gun 3’ with Paramount, despite his huge deal with a rival studio.

The 61-year-old actor, who is best known for starring as IMP agent Ethan Hunt in much-loved franchise ‘Mission: Impossible’ and Pete Mitchell in ‘Top Gun’, is developing a new sequel of the latter, reports Mirror.co.uk.

As per reports, Tom is working alongside Paramount to produce a new ‘Top Gun’ movie, despite having just signed a deal with Warner Brothers.

Just a few days ago, Tom and Warner Brothers' chief David Zaslav shook hands when they announced the ‘Mission: Impossible’ star was being brought in as a key producer for several franchise films with the iconic film studios

As per Mirror.co.uk, despite him now working with rival studio Warner Brothers, Tom is working on a new ‘Top Gun’ movie with Paramount, with "a script being written" by Maverick writer Ehren Kruger.

The likes of Miles Teller and Glen Powell are all expected to return for the third instalment of the hit movie franchise. Although the news of a new ‘Top Gun’ sequel has only just emerged, ‘The Hollywood Reporter’ has said "the reality is this sequel has quietly been in development since late fall."

They also said that fans should not expect to see the new ‘Top Gun’ movie in the near future, because the legendary action-movie actor is currently working on an 8th ‘Mission: Impossible movie’, "which will keep him occupied until at least its release, currently set for May 2025."

This comes after Tom signed a deal to develop and produce theatrical films with Warner Bros. Discovery. The movies that he will work on will also star him, with the deal dubbed as a "strategic partnership".