The Mission: Impossible star, 43, was furious by the report, which alleged not only had that he finished his engagement to Holmes, but also the couple were keeping up the pretence of togetherness for good publicity.
When the story was published last week, Cruise immediately issued a denial, labeling the claims "malicious fallacies". However, Life & Style say they stand by their story "100 per cent".
Cruise is set to meet with his lawyer Fields this week to discuss possible action against the publication.
Fields says, "This is a disgusting and malicious story. It is unequivocally false and I have already demanded a retraction. I will be sitting down with Tom in the next couple of days to discuss this story, and ultimately it's his call as to whether we bring a lawsuit. But if it was up to me, I would sue."
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