Paramount Pictures is still busy finishing up "Mission: Impossible 5," but it has been announced that the action spy film will be released in theaters five months ahead of schedule, IGN reported.

The "Mission: Impossible" film franchise is one of the highest grossing film series of all time, with four films to its name that garnered a total of more than $2 billion in earnings. The previous film, "Mission: Impossible - Ghost Protocol", raked in around $650 million, according to Box Office Mojo.

The fifth in the franchise "Mission: Impossible" was originally slated for a theatrical release on Dec. 25, but as noted on IGN, the film will be released on July 31 instead.

Not only that, but Paramount also ended up moving the release date of its live action, computer-animated film "Monster Trucks." Originally meant for a May 29 release, the film instead took up the Christmas slot vacated by "Mission: Impossible 5", IGN added.

There was no reason given as to the change in release dates. However, with the move, Paramount managed to distance its film from "Star Wars: Episode VII - The Force Awakens" by director J.J. Abrams, which will roll out in theaters on Dec. 18. Abrams also happened to be a producer for "Mission: Impossible 5," according to The Hollywood Reporter.

The new date also puts the film three months ahead of fellow spy action film "Spectre," which is coming out in November, according to Variety.

With the change, "Mission: Impossible 5" will end up competing against other films that landed a slot on July 31, such as Focus' drama film "Selfless" starring Ryan Reynolds, Warner Bro.'s action thriller "Point Break" remake starring Edgar Ramirez and Weinstein Co.'s boxing drama "Southpaw" starring Jake Gyllenhaal, Variety added.

"Mission: Impossible 5" will see the return of Tom Cruise as IMF agent Ethan Hunt. He will be joined by Jeremy Renner as William Brandt, Ving Rhames as Luther Stickell and Simon Pegg as Benji Dunn. Alec Baldwin, Simon McBurney and Rebecca Ferguson also star in the movie, according to Coming Soon.

The film is written by Will Staples and Drew Pearce and directed by Christopher McQuarrie, with whom Cruise worked with in Paramount's thriller film "Jack Reacher."

With the release date scheduled earlier than expected, post production is probably going smoothly after the movie wrapped up filming in Vienna. The film's official trailer will definitely come out soon so fans should watch out for that, probably in the next two months.