Ben Stiller has confirmed Zoolander 2 will be set 10 years after the original film and in Europe.

The 45-year-old actor, who starred as male model Derek Zoolander in the 2001 comedy movie about a group of fashionistas taking on an evil businessman, reveals the script has been completed for the sequel and "a lot has happened" since the first film, with Derek and Owen Wilson's character Hansel no longer relevant on the fashion scene.

Where it's at is we've completed the script, Justin Theroux and I, and handed it into the studio. 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."

He also confirmed Will Ferrell will be returning as baddie Mugatu: "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."

No filming or release date is yet planned for the movie, which is still in development.