Alec Baldwin is in negotiations to join Tom Cruise in Paramount and Skydance’s next installment in the “Mission: Impossible” franchise.

“Jack Reacher” helmer Chris McQuarrie is directing this installment. Cruise, Skydance’s David Ellison and J.J. Abrams are producing.

Plot details are being kept under wraps but sources say Baldwin’s character would be a high-ranking CIA officer who oversee Cruise’s division, similar to the role Laurence Fishburne had in “Mission: Impossible III.” Drew Pearce penned the script.

The studio is still looking to find the female lead after Jessica Chastain passed on the part. The pic is set to bow on Christmas Day 2015.

Mission: Impossible 5 currently has several major pieces in place. It’s scheduled for release on December 25, 2015. It will be helmed by Christopher McQuarrie (Jack Reacher), and will have franchise staple Tom Cruise back in the lead role. There were rumors that the movie would break new ground by filming in the Houses of Parliament, and Mission: Impossible co-star Simon Pegg shared information that brings that rumor a little closer to fact.

We spoke with Simon Pegg this afternoon on behalf of his self-reflection journey dramedy Hector and the Search for Happiness. Before signing off, I asked him if he knew when he would begin filming the fifth installment of the Mission: Impossible franchise, where he’ll reprise his role as Benji Dunn. Pegg confirmed:
"We’re all ready to go on August 24, which is what I’m being told. Which is why I’m here doing a little press right now, and I’m available – because I might become unavailable very soon. As far as I know, we’re all set to go. We’ve got location work first, and then the bulk of the filming will be in Leavesden [Studios], north of London. It’s a nice one for me, to be near home."

Quick timeout. There were rumors a while back that Christopher McQuarrie’s Mission: Impossible 5 would be the first movie to actually film inside the Houses of Parliament. (Metro UK reported this back in June.) The paper claims this would be an historic accomplishment, though its one that Simon Pegg couldn’t exactly confirm. He told us:
I can’t confirm that because I haven’t been told. But we are shooting in London, so it would make sense, if they were looking to film in places like that, that it would be the case. I don’t know for definite, but I do know that we are shooting on location in London, so that should be the case. Which would be great."

Simon Pegg can tell you that shooting on location helps bring an added thrill to the Mission: Impossible sequels. After all, he was a part of the amazing Burj Khalifa scene for Brad Bird's Mission: Impossible - Ghost Protocol.

Filmmaker Christopher McQuarrie has confirmed that Ving Rhames will be returning for the upcoming fifth instalment of the "Mission: Impossible" franchise.

Rhames was a regular in the first three instalments of the franchise, but only returned in a cameo in the fourth film "Mission: Impossible - Ghost Protocol". No word on how extensive his role is in this outing.

McQuarrie, who is directing this outing, confirmed the news on Twitter. Rhames joins the already confirmed returning cast members Tom Cruise, Simon Pegg and Jeremy Renner.

Joining them for the first time in this outing will be Alec Baldwin and Rebecca Ferguson. There's still no word as to whether Paula Patton will reprise her role from 'Ghost Protocol'.