Paramount Pictures and MTV Films say they're developing a film around the fictional character that Cruise brought to life in 2008's "Tropic Thunder."
The 47-year-old actor reprised the role at Sunday's MTV Movie Awards.
Cruise and Ben Stiller are among the producers of the film. Paramount said Wednesday that Cruise is in talks to play Grossman.
Cruise can next be seen on screen in "Knight and Day," due in theaters later this month.