The third installment of Tom Cruise's "Mission: Impossible" series is targeted to hit theaters next May, it was announced Wednesday.

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"Mission Impossible 3" has forged a rough road with a revolving set of directors and cast, Britain's Empire magazine said on its Web site.

Paramount Pictures' head Brad Grey said filming would start July 18 in Italy. The picture will be shot across Europe, Asia and the United States.

Joining Cruise will be Ving Rhames reprising his "Mission Impossible" role plus new cast members Philip Seymour Hoffman, Jonathan Rhys Meyers and Michelle Monaghan. Kenneth Branagh, Scarlett Johansson and Carrie Anne Moss all dropped out of the production.

After directors Joe Carnahan and David Fincher both also dropped out, J.J.Abrams was brought on board and it appears he will actually be around to direct, Empire said.

"Mission: Impossible 2" was released five years ago.