Ferguson made a name out of herself when she starred in the titular role of BBC's 'The White Queen', reported Deadline.
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', to be released on July 25.
Actor Alec Baldwin is in talks to join the fifth installment of the action franchise 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'.
Cruise will reprise his role as Ethan Hunt. Jeremy Renner and Simon Pegg also return to the franchise.