According to Variety, the untitled flick - which stars the 62-year-old actor and is being directed by Mexican filmmaker Alejandro González Iñárritu - is due to enter production in the UK shortly and could even begin shooting as early as next month.
While the picture's story is currently unknown, Warner Bros previously revealed Cruise would be leading a star-studded cast which includes Anatomy Of A Fall actress Sandra Hüller, Breaking Bad star Jesse Plemons, Emmy Award-winner John Goodman and Your Honor actor Michael Stuhlbarg.
Riz Ahmed and Sophie Wilde have also been tapped to appear in the movie.
In February, Warner Bros and Legendary Entertainment confirmed they were working on the film while revealing Iñárritu would be directing and producing in what would be his first English-language picture since his Leonardo DiCaprio-starring western The Revenant in 2015.
As well as helming the movie, Iñárritu will be writing the script alongside Nicolas Giacobone, Alexander Dinelaris and Sabina Berman.
Cruise is currently filming the eighth instalment in the Mission: Impossible franchise, and is also working on the sequel to 'op Gun: Maverick, which will see him reprise his role as fighter pilot Pete "Maverick" Mitchell opposite Miles Teller and Glen Powell.
In June, producer Jerry Bruckheimer admitted the movie wouldn't begin shooting "for a while" due to Cruise's busy schedule.
He told Deadline: "I think we have a terrific story. It's just (a question of) how do we get everybody together and how do we get it done.
"Tom's very busy. He's got a lot of movies lined up, and he's a very in-demand actor. So we'll have to get a good screenplay, and hopefully, he'll like it as much as we will."
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