We recently brought you the news that Ving Rhames (Piranha 3D) would be reprising his role as Ethan Hunt’s tech expert, Luther Stickell and that Simon Pegg (Paul) was in talks to reprise his role as the lab geek, Benji Dunn in Paramount Pictures fourth installment in the Mission: Impossible franchise.

Now, Deadline reports that Jeremy Renner (The Hurt Locker, The Avengers) has joined the cast of the Brad Bird (The Incredibles) directed fourth installment in the Mission: Impossible franchise. Renner will co-star alongside Tom Cruise as Ethan Hunt in Mission: Impossible IV. Renner was reportedly chosen by Paramount Pictures because they thought he held a “Daniel Craig quality.”.

While this is the fourth film in the franchise and is currently working under the title Mission: Impossible IV, according to Variety that may very well change. Check out more details that insiders gave them about the Josh Appelbaum (Dirty Dozen, 21 Jump Street) and André Nemec (Life on Mars, Alias) scripted film below.

• It may not be called Mission: Impossible IV. “It’s possible that the title won’t even include the familiar moniker, much as Christopher Nolan‘s Batman sequel was simply titled The Dark Knight.
• Paramount wants to “redo” the franchise.
• Renner will play as big a role as Cruise.
• Before Ethan Hunt worked with a team of agents. “In Bird’s film, there will only be two agents, Cruise and Renner.
• While Paramount envisions Cruise returning for subsequent films, Renner could play the central character in those installments.
• Bird’s film will not “pick up from where the last film left off.”
• The story is under wraps but it is said to “bring a fresh perspective to the action-spy franchise.”
• Due to Cruise’s shaky box office deals “have been structured to hold down upfront costs with more potential compensation from the backend.”
• The film will shoot in Vancouver, Prague, Dubai and the U.S.

Mission: Impossible IV is slated to hit theaters on December 16th, 2011.