Comedian Will Ferrell has made a career for himself playing a wide variety of crazy characters. Since the 1990s, he's been everything from a Christmas-obsessed elf to an arrogant San Diego news anchorman and even an auditor whose life is stranger than fiction. As a result, Ferrell has managed to both work his way into audiences' hearts as well as join the list of successful comedic actors, alongside such names as Owen Wilson and Ben Stiller.

Stiller, Wilson and Ferrell actually starred together in 2001's Zoolander, about a dumb male model named Derek Zoolander (Stiller) who becomes a pawn of corrupt fashion executives wanting to assassinate the Prime Minister of Malaysia. The film received mix reviews upon its release, but has since become a cult classic afterward. There's been talk of a sequel since 2008, but now it sounds like one might be finally underway.

According to THR, after receiving a career honor at the Deauville Film Festival in France this week, Ferrell teased his involvement in Zoolander 2:

“We are actually supposed to do a read-through of a sequel script soon, and Mugatu is a part of it.”

Zoolander - Ben Stiller and Will Ferrell as Mugatu

Ferrell's character Mugatu was a fashion executive in the original film who attempted to brainwash Zoolander, but he ended up failing and was ultimately sent to jail. The fact that Ferrell will reprise his role, however, is not news. In a 2011 interview with Empire, Stiller talked about his plans for the sequel and Mugatu's inclusion:

"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. 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."

There's no telling if the script Stiller wrote with Tropic Thunder scribe Justin Theroux is the one that the cast will do a read-through of soon. And there hasn't been any mention of who's even in the cast, besides the three main actors.

It's also unclear if Paramount is still producing the project, since its been three years since the title was added to their roster. Clearly, there are still many questions left to be answered, but at least there's some progress on the film.

What do you think, Screen Rant readers? Are you excited for a Zoolander sequel? Are you happy that Mugatu will be back for more? Let us know in the comments.

Stay tuned to Screen Rant for more Zoolander 2 news.

Source: THR (via JoBlo), Empire