‘Zoolander 2′ Draft Done … With Role For Will Ferrell

'I think you're going to see Mugatu,' movie's co-writer Justin Theroux tells us at New York Comic-Con.

“Zoolander 2″ has taken its time sashaying down the development runway, but have no fear: Everyone’s favorite vapid supermodel is on track to arrive in theaters, reportedly in 2012. Justin Theroux, who’s co-writing the script with Ben Stiller, assured us of that fact when he stopped by the MTV News skybox at New York Comic-Con on Saturday (October 9).

The script is essentially done, he revealed, and there are roles for both Will Ferrell and Jonah Hill.

“The script is in good shape right now,” Theroux told us while promoting “Your Highness.” “I’m feeling very optimistic about it. We’re doing a few little tweaks before we submit it, but I’m very hopeful that I’m going to be working on that soon.”

Theroux said he’s still on track to direct the movie, but declined to dish many details about the plot. “It’s too funny — it’ll blow your mind,” the writer/director said, though he did share the plot’s starting point, in which Stiller’s Derek Zoolander and Owen Wilson’s Hansel find themselves pushing 40 and no longer the white-hot center of the fashion world.

“[W]e start off with them in a pretty bad place,” he said. “They’re about to ring 40′s bell. They have to claw their way back into the fashion industry in some way or another.”

As for the villains in the sequel, Theroux said we should expect Ferrell to reprise his role as Mugatu and for Hill to pop up as a brand-new character. “Fingers crossed, anything is possible in Hollywood, but I think you’re going to see Mugatu. We are planning on seeing Mugatoo,” he told us. “There are a couple new villains that step onto the stage, which we are all very happy about. And yes, Jonah is the inspiration for one of them.”

Check out everything we’ve got on “Your Highness.”

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