The 49-year-old actor made the announcement with an adorable throwback picture of the 40-year-old actress on Instagram and Twitter.
“Excited to announce Penelope “Little Penny” Cruz has joined #Zoolander2 cast! #fbf,” Ben posted along with a hysterical photo, below.
Previously, it was rumored that Penelope had signed on to the film, but now we know for sure!
Zoolander 2 is set to hit theaters nationwide on February 12, 2016.
ARE YOU EXCITED that Penelope Cruz is joining Ben Stiller and Owen Wilson in the movie?