Penelope Cruz is set to star in Spanish director Isabel Coixet's latest offering titled "This Man, This Woman."

Joining Cruz is German actress Diane Kruger, Deadline reports. According to the outlet, the film's script will be penned by Frederick Raphael ("Eyes Wide Shut") and will revolve around a character named Matt Heller and Cruz's Martha Parks, as they "encounter each other by chance on a plane, and relive memories of their turbulent romantic relationship." Kruger will portray Kirsty Sachs, "a talk show host who has an affair with Heller and changes the course of his whirlwind relationship with Parks."

Cruz previously worked with Coixet in the 2008 drama "Elegy," Fox News Latino reports.

Nadine de Barros and Robert Ogden Barnum will be the executive producers of "This Man, This Woman" while Mike Lobell will serve as its producer. 

"It feels like a minor miracle to finally bring this passion of mine to the screen and to put together this dream cast including the superbly talented Penelope Cruz and Diane Kruger who are the perfect actresses to bring these multi-layered characters to life. Combined with an extraordinary director to help realize Freddie's amazing script, there must be a movie God after all," Lobell said, as quoted by Deadline.

According to Fox News Latino, the upcoming film will be presented to prospective buyers at the European Film Market (EFM) which will be held in February in Berlin, just in time for the 65th edition of the Berlinale International Film Festival.

De Barros and Barnum also expressed their excitement for the film. They said, "Frederic Raphael has written a mesmerizing script which closely examines a couple's rollercoaster relationship over the years which will be brilliantly brought to life by the talented filmmaker Isabel Coixet. We can't wait to introduce this hot title to buyers at EFM," as quoted by Deadline.

Coixet's latest movie, "Nobody Wants the Night," served as the opening of the 2015 Berlin International Film Festival and is the seventh movie of the filmmaker to be screened at the festival, the news outlet added. The film stars Oscar-winner Juliette Binoche and "Game of Thrones" star Nikolaj Coster-Waldau.

Penelope Cruz in 'Zoolander 2'

Cruz will also star in the follow-up to the comedy film "Zoolander" opposite Ben Stiller, according to a report from TIME. Her role in the sequel isn't confirmed yet, but assumptions say that she could be portraying a supermodel.

"Zoolander 2" will be penned by Justin Theroux. Christine Taylor is also back to reprise her role as journalist Matilda Jeffries, Entertainment Weekly reported. Will Ferrell and Owen Wilson are also rumored to reprise their characters.