Despite some delays, reports say that the script for the Zoolander sequel has been completed. The plot focuses on Derek Zoolander and Hansel (played by Ben Stiller and Owen Wilson, respectively) on the brink of turning 40, and their top modeling days behind them.

Will Ferrell will also reprise his role (yes!) as evil designer Mugatu, who tried to use Zoolander in his evil assassination plot in the first film. Actor Jonah Hill has also been given a role, and we’re delighted with the development. Ferrell, Stiller, Wilson and Hill in the same flick? It just doesn’t get funnier than that.

Zoolander 2 should be in theaters in 2012. The real trick is figuring out how to wait that long!