When reports of the highly awaited follow-up was announced last October, it had been rumoured that the Oscar-nominated star - who was propelled to fame after appearing in the 1986 action drama - would return for a small role.
Cruise told MTV.com he is still involved, saying: "I hope we can figure this out to go do it again. If we can find a story that we all want to do, we all want to make a film that is in the same kind of tone as the other one and shoot it in the same way as we shot Top Gun... We're working on it."
The 49-year-old, who next stars in Mission: Impossible Ghost Protocol, is excited about reuniting with director Tony Scott and producer Jerry Bruckheimer for Top Gun 2.
"I said to Tony, I want to make another movie with him. He and I haven't made a film since Days Of Thunder," he continued.
"Tony and I and Jerry, we never thought that we would do it again. Then they started to come to us with these ideas of where it is now. I thought, 'Wow, that would be... what we could do now."
For giggles, check out the original trailer for Top Gun back in 1986. Who'd have thought it would be such a hit...