Penelope Cruz is to star in the Zoolander sequel.

The Spanish actress, 40, will share the screen with Ben Stiller in the long-awaited follow-up to his 2001 comedy, reported Deadline.

Ben will be back as dim-witted male model Derek, and it’s thought Penelope could be playing a supermodel.

Penelope Cruz at the Oscars
Penelope Cruz could be playing a model in the Zoolander sequel (Jordan Strauss/Invision/PA)

The actor will direct from a script by Jennifer Aniston’s fiance, Justin Theroux.

The sequel has been in the pipeline for some time. It was previously reported that it would be set 10 years after the events of the first film, and that the action would take place in Europe.

Will Ferrell and Owen Wilson are expected to reprise their roles as designer Jacobim Mugatu and model Hansel McDonald.

A picture of Owen Wilson and Ben Stiller at a premiere
Owen Wilson is expected to be back alongside Ben Stiller in Zoolander 2 (Yui Mok/PA Archive)

Penelope, who is married to fellow Oscar-winner Javier Bardem, is also set to star in Sacha Baron Cohen’s spy spoof Grimsby.