By Nicole Sperling
Updated August 26, 2010 at 06:15 PM EDT

Well, the new blood Paramount has been talking about for the Mission: Impossible franchise looks like it’s coming in the form of 39-year old Oscar nominated actor Jeremy Renner. The Hurt Locker star is negotiating to star alongside Tom Cruise in the fourth installment of the M:I franchise. Ratatouille director Brad Bird is helming the project, while J.J. Abrams is producing the recently greenlit movie. Deadline Hollywood first reported the news.

Renner, a character actor for over a decade, has garnered a lot of attention following his star-turning role in last year’s Oscar-winning The Hurt Locker. Marvel Studios just cast him as Hawkeye in the superhero mash-up The Avengers. He will next be seen the Ben Affleck-directed drama The Town, which bows on Sept. 17.