"You're the first people I've said it to, you asked me and so I'm telling you", Cruise said to the stunned hosts, adding that the long-awaited sequel is "definitely happening".
On a related note, the original "Top Gun" was a massive success at the Box Office - earning more than 450 million United States dollars worldwide against a budget of less than 30 million USD.
"Top Gun" might never have been a classic, though, were it not for Israeli journalist Ehud Yonay, whose article "Top Guns" in the May 1983 issue of the now-defunct California Magazine was the primary inspiration for the film.
Fans took to Twitter to say that the sequel just wouldn't be right without Kilmer's character and him in the role.
The actor said filming will likely begin within the next year.
Cruise revealed no further details regarding Top Gun 2, which has always been a goal for Cruise and producer Jerry Bruckheimer. The movie received several Oscar nominations and went on to win the best original song category.
Cruise, co-star Val Kilmer, and producer Jerry Bruckheimer hinted about the idea for the past two years until Cruise blurted out the confirmation Wednesday.
See you in the Danger Zone, Val. Oblivion director Joseph Kosinski is in talks to helm the sequel. Still got the moves!
"It's true", Cruise said matter-of-factly when asked if "Top Gun 2" was in the works, leaving the hosts almost speechless.