Penelope Cruz is preparing to (blue) steel the spotlight in the Zoolander sequel…

The 40-year-old Spanish actress and Oscar winner has signed on to star opposite Ben Stiller in Paramount Pictures’ comedy Zoolander 2.

Directed by Stiller, from a Justin Theroux-penned script, Stiller will reprise his role as empty headed supermodel Derek Zoolander. There have been rumors that Will Ferrell will be back as the sinister Mugatu and Owen Wilson as Zoolander’s supermodel rival Hansel.

The original Zoolander has become a cult classic, with Stiller fully committing to the character, with some hilarious moments in the original, from Blue Steel to the catwalk showdown between Zoolander and Hansel, to the freak gasoline fight accident that was one of the funniest movie comedy moments in recent years.

No word on what role Cruz will portray in the sequel.

Cruz recently wrapped production on the Julio Medem-directed Mama in Spain, and she plays a small role in the Sacha Baron Cohen comedy Grimsby.