Penelope Cruz Signs On for New Role in 'Zoolander 2'!

Penelope Cruz is set to sign on for the sequel to the smash hit film Zoolander, Deadline reports!

Justin Theroux, who wrote the script and will direct, will bring back Ben Stiller in the title role as the lovably stupid Derek Zoolander. Also making returns are Will Ferrell as the evil Mugatu and Owen Wilson as fellow supermodel Hansel.

PHOTOS: Check out the latest pics of Penelope Cruz

Will dished on some details about the script and the status of the film earlier in the year.

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