Top Gun: Maverick is set to begin production at the beginning of September in San Diego with a July 12, 2019 release date.
The role Connelly (A Beautiful Mind) is in talks to play is of a single mother who runs a bar near the Naval base.
Joseph Kosinski, who previously directed Cruise in Oblivion, will helm the sequel, with Peter Craig, Justin Marks and Eric Warren Singer penning the script.
Top Gun: Maverick is said to be set in a world of drone technology and fifth generation fighters along with exploring the end of the era of dogfighting.