Paramount Pictures has announced that the "Zoolander 2" is happening. This piece of news was made official via Owen Wilson and Ben Stiller walking down the Paris Fashion Week runway in full Hansel and Derek Zoolander mode.

The reboot to the 2001 hit comedy flick has been dropping in and out of the rumor mill for quite some time now but it looks like the much-awaited sequel is finally happening for real.

Deadline gave the report last October that Spanish actress Penélope Cruz was onboard the sequel and would be joining Wilson and Stiller in the cast. It was also reported that Will Ferrell would be returning to reprise his role as the designer Mugatu.

Writer Justin Theroux, also the beau of Jennifer Aniston, was in charge of penning the script. "Zoolander 2" revolves around the story of the Hansel and Derek, who have made amends, in an attempt to return to the modeling industry.

"In the fashion world, if you go away for a year, it's changed-it just happens so quickly," Stiller said in a 2010 interview with MTV. "I think the idea in the beginning of the movie is that it's 10 years later, and Derek and Hansel are literally forgotten. Nobody remembers who they are, so they have to reinvent themselves."

It has not yet been confirmed whether the "Meet the Parents" star will direct once again or if Theroux will be in charge of helming the film this time.

Apart from the "Zoolander 2," Stiller has a long list of production projects to do. The "There's Something About Mary" star is all set to co-star with Naomi Watts in the upcoming film "While We're Young, directed by Noah Baumbach. Stiller and Watts play a fortysomething couple who attempt to keep selves young after becoming friends with a hipster couple from Brooklyn played by Amanda Seyfried and Adam Driver.