Seemingly bolstered by the strong opening weekend of Peter and Bobby Farrelly’s Dumb and Dumber To, Paramount Pictures is moving forward with the long-awaited sequel to the 2001 comedy hit Zoolander! Deadline announces today that Penelope Cruz has just signed on for a role in Zoolander 2, which is set to be directed by Justin Theroux.

Ben Stiller, who also directed the original, will reprise his role as dimwitted male supermodel Derek Zoolander with both Will Ferrell and Owen Wilson all-but-confirmed to return as Mugatu and Hansel, respectively.

The original film had the unfortunate release date of September 28, 2001 and, finding a nation not quite ready for laughter, it grossed only $60 million worldwide. When the film hit DVD, however, it became a fast hit and plans for a sequel have been discussed for years.

“For me and the people who are big fans of the movie, I want to make sure that we’re doing it in a way that we felt good about it,” Stiller told ComingSoon.net in an interview last year. “It takes a lot of elements to come together for that to happen.”

At the moment, there is neither a timeframe for the project or word on who Cruz might be playing. Having worked as a professional model most of her life, however, it’s a safe bet that the Academy Award-winning actress will have some amusing real world experiences from which to draw. She can next be seen in the spy spoof Grimsby opposite Sacha Baron Cohen and Mark Strong and it is believed that she’ll be reprising her role as Angelica in the upcoming Pirate of the Caribbean 5.

Stiller will produce Zoolander 2 alongside Stuart Cornfeld.

(Photo Credit: Mario Mitsis / WENN.com)