After a nine year hiatus, Zoolander 2 is going into pre-production with Justin Theorux set to direct and co-write the film. Deadline reports that the script is being handled by Theroux and Ben Stiller, who not only played the title character, but co-wrote and directed the first film. Theroux has worked with Stiller before on Tropic Thunder and is also the writer for this summer's Iron Man 2. Theroux has announced he plans on attending fashion week in Paris to "immerse himself on what is current in fashion". Currently Owen Wilson is not attached to reprise his role as Hansel but there are negotiations to have Jonah Hill play the villain.

Hit the jump for details on how Zoolander became a cult hit and for past rumors about this long-awaited sequel.

Zoolander was released on September 28, 2001, right after the tragedies of 9/11. As a result, the film underperformed at the box office as a result but has become something of a cult film through DVD's and does consistently well on iTunes (I'll admit it's the only movie I own on my iPod). Paramount is looking to keep the budget of the sequel down to $50 million.

This isn't the first time we've heard rumors of Zoolander 2 though. During press junkets last year for Night at the Museum 2, Stiller talked to Screenrush about the sequel. At that time he had said the film wouldn't be made without Wilson returning. The plot would be set 10 years later with Derek, no longer a model, running his modeling school and taking care of his son. However, Theroux and Stiller could easily decide to take the new movie in a different direction.  While I like the Lil' Zoolander story, I'm just happy we're getting a sequel.