He finished the script with Justin Theroux and has turned it in to the studio. Theroux conducted research for the sequel at Paris Fashion Week. Stiller explains:
"Now the studio has the script and we’re at that point where we’re waiting to see what they want to do. It’s ten years later and most of it is set in Europe. I don’t want to give away too much, but it’s basically Derek and Hansel ten years later - 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.”
Imagine the cameos! In the Internet age, they might be obligated to include a Tavi or Bryan Boy. Imagine: "That Tavi's so hot right now. TAVI."