Moviehole.net seems to be sure that Tom is on this movie:

The rumours are true : Tom Cruise is in talks to star in the new Phillip Noyce flick, “28th Amendment”, Moviehole can confirm today.

You’ll never guess who he’s set to play? The US President. (It was only a matter of time before Suri’s Pop took over the Country).

Cruise would play President Ben Cahill in Warners action thriller, which follows the adventures of an American President (Cruise) that discovers the United States is actually being controlled by a super secret organization (run by Denzel Washington) that terminates those that get in its way.

The deal should be official in a few days.

From Coming Soon:

Moviehole says it has confirmed that Tom Cruise is in talks to star in director Phillip Noyce’s thriller 28th Amendment.

Written by Alex Kurtzman and Roberto Orci, the story centers on U.S. president Ben Cahill (Cruise) who discovers that a secret committee (run by Denzel Washington) has controlled the U.S. government since WWII.

This hidden power structure assassinates potential troublemakers to serve its own needs, and having made the discovery, the president now finds himself in the firing line.

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Now we wait and see