Back in May, Pixar Animation director Brad Bird was hired to direct his first live-action film, Mission: Impossible IV for Paramount Pictures. Now, word is that Paramount is looking to rework M:I4 after Tom Cruise‘s last film, Knight & Day performed so poorly at the box office.

Deadline reports that Paramount is currently rethinking MI4. I hear the script that came in is very good, but the studio is still trying to figure out the budget as well as Cruise’s role in light of the lackluster Knight And Day grosses. There’s talk that Tom’s character will mentor a young operative this time out if the pic proceeds.

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