Cruz was rumored to be part of the production last year, but this is the first official confirmation of her involvement.
The actress joins original stars Stiller, Owen Wilson and Will Ferrell in the long-awaited sequel, which is set to hit theaters on Feb. 12, 2016.
Stiller and Wilson announced the film’s release date by walking in the Valentino show at Paris Fashion Week in March. The original “Zoolander” was released in 2001 and grossed $60 million worldwide on a budget of $28 million. The sequel is written by Stiller and Justin Theroux — who last teamed on “Tropic Thunder” — with Stiller set to direct.