Ferguson will fill in the hole left by Jessica Chastain as the lead female character while Baldwin is in negotiations to star as a CIA officer.
"Mission: Impossible V" has found its female lead after Jessica Chastain passed the part. Swedish newcomer Rebecca Ferguson (II) has been tapped to star opposite Tom Cruise in the fifth installment of the action franchise.
Ferguson made a name out of herself when she starred in the titular role of BBC's "The White Queen". She was nominated for a Golden Globe this year for her first English-language role. She can next be seen in Brett Ratner's "Hercules", released July 25.
Deadline reports that Alec Baldwin is in talks to join "M:I V" as the head of the CIA. Plot is still kept under wraps but reports say he will be a high-ranking CIA officer who oversees Cruise's division, very much like Laurence Fishburne's role in "Mission: Impossible 3".
Chris McQuarrie will direct the film from the script penned by Drew Pearce. Paramount has slated it for release on December 25, 2015. Cruise will reprise his role as Ethan Hunt. Jeremy Renner and Simon Pegg also return to the franchise.