AceShowbiz -

Will Ferrell offers update on the long-delayed "Zoolander 2". The funnyman who plays the villainous Mugatu in the first film confirms his return to the sequel. "We are actually supposed to do a read-through of a sequel script soon, and Mugatu is a part of it," he says to The Hollywood Reporter.

Ben Stiller who directed the 2001 comedy and played the lead role named Derek is expected to reprise his role in front of camera. He also contributed to the scriptwriting. "It's ten years later and most of it is set in Europe... it's basically Derek and Hansel (Owen Wilson)," he once teased the plot.

"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."

Jonah Hill is reportedly eyed to play a new villain as well.