"Mission: Impossible 3" is getting closer to signing Laurence Fishburne (The Matrix series) and Philip Seymour Hoffman to the Tom Cruise vehicle, which is set to start shooting July 18 in Italy.

The Paramount Pictures project also stars Michelle Monaghan, Ving Rhames, Jonathan Rhys Meyers and Keri Russell. Fishburne will play Cruise's mentor; Hoffman will play the villain. "Alias" creator J.J. Abrams is set to direct.

Rhames and Cruise are the only holdovers from the original cast assembled to shoot "M:I-3" when it was scheduled to film last year. That cast also included Carrie-Anne Moss, Kenneth Branagh and Scarlett Johansson, reports Entertainment Weekly.

"M:I-3" was originally aiming for a summer 2004 release date but was pushed back to make room for Cruise's "Collateral", which Paramount and DreamWorks Pictures joined forces to co-finance.

The latest version of "MI 3" was given the green light this month after it was put on hold due to some scheduling conflicts involving the stars. The film is now scheduled for May release.