"Zoolander 2" is officially a go, with Penelope Cruz joining the cast of the much-awaited sequel.

According to Deadline, the comedy film will still feature the story of supermodel Derek Zoolander played by Ben Stiller. There are also rumors going around that Will Ferrell will reprise his role as the evil fashion guru Mugatu, with Owen Wilson portraying Derek's rival and sometimes BFF Hansel. Stiller will also serve as the director of the film and Justin Theroux will be penning the script.

Cruz, known for serious and dramatic roles, just recently wrapped filming Julio Medem-directed "Ma Ma" in Spain. The 40-year-old actress also has a small role in Sacha Baron Cohen's comedy movie "Grimsby," Deadline noted. Stiller's most recent films are 2011's "The Secret Life of Walter Mitty" (which he starred alongside Kristen Wiig) and this year's "Night at the Museum: Secret of the Tomb."

It took almost 14 years for the sequel of "Zoolander" to happen. The first movie came out in theaters on September 29, 2001. Deadline added that the box office success of the sequel "Dumb and Dumber To" -- starring Jim Carrey and Jeff Daniels -- propelled the second part of "Zoolander" to happen. Stiller has wanted to make the sequel for quite some time, Deadline noted.

According to SlashFilm, in 2011, Stiller explained why they didn't produce a sequel to the hit comedy film right away.

"It's ten years later and most of it is set in Europe... it's basically Derek and Hansel... though the last movie ended on a happy note a lot of things have happened in the meantime," Stiller said. Their lives have changed and they're not really relevant anymore. It's a new world for them. Will Ferrell is written into the script and he's expressed interest in doing it. I think Mugatu is an integral part of the 'Zoolander' story, so yes, he features in a big way," the actor added, as quoted by SlashFilm.

Stiller will produce "Zoolander 2" with Stuart Cornfield, ComingSoon.net added. It is not known whether the actor's father, 84-year-old Jerry Stiller, will make an appearance in the sequel. It can be recalled that he played agent Maury Balltein in the original movie.

There has been no official news yet about the premiere date of "Zoolander 2." So far, Stiller and Cruz are the only ones confirmed for the cast.

In the mean time, here's the official trailer from the first "Zoolander" movie.