ZOOLANDER 2?

From ComingSoon.net:

"Tropic Thunder and Iron Man 2 writer Justin Theroux is reportedly in talks to direct a sequel to Zoolander at Paramount Pictures. He would write the script with star Ben Stiller.

There's no deal yet for Owen Wilson to return as Hansel, but the villain will likely be played by Jonah Hill, who is said to be in negotiations.

The original film on September 28, 2001 and earned $60.8 million worldwide. It carried a budget of about $28 million."

Great! One of Ben Stiller's funniest characters! "Peek-a-boo!"

UPDATE:

"Last week, it was reported that Ben Stiller is working together with Tropic Thunder and Iron Man 2 writer Justin Theroux on a sequel to Zoolander at Paramount Pictures. Jonah Hill was said to be in negotiations to play the villain.

Speaking to MTV, Stiller confirmed sequel plans. 'We are in the process of getting a script written. It's in the early stages, but it's gonna happen.'

He added: 'We have a new story idea that we feel excited about and we're going to try to go forward. The beginning of the movie is [set]... 10 years later, and Derek & Hansel are literally forgotten. Nobody even knows who they are, so they have to re-invent themselves.'

Stiller said that Will Ferrell's Mugatu would be back, if the actor is up for it. 'If Will says yes, he definitely has to be a part of it. To me, Mugatu is one of the classic screen villains of all time.'"