The 39-year-old actor, who won an Oscar nomination this year for his role in 'The Hurt Locker', has beat stars like Tom Hardy and Chris Pine to secure a place in the action film, reported MTV online.
Paramount production chief Adam Goodman said that Renner "has a Daniel Craig quality" that he wants for the role. Sources said that the studio was also looking for an actor who might be able to continue on with the franchise, should Cruise choose not to return in the future.
Other actors considered for the role besides Hardy and Pine were Kevin Zegers, Christopher Egan and Renner's 'Hurt Locker' co-star Anthony Mackie.
Although the production has had a few bumps and uncertainties along the way, Cruise has been vocal about his commitment to bring in new talent to the franchise.
"My whole thing with the series is always having a new director come on and put their stamp on 'Mission: Impossible'. Brian De Palma was first, then John Woo, JJ Abrams and now Brad Bird, so it will be Brad Bird's 'Mission: Impossible'," he said.