After receiving a career honor at the Deauville Film Festival in France on Tuesday night, Will Ferrell teased that he will reprise his role in the upcoming "Zoolander" sequel as notorious fashion mogul Jacobim Mugatu.

"We are actually supposed to do a read-through of a sequel script soon, and Mugatu is a part of it," the 47-year-old comedian revealed to The Hollywood Reporter.

Ferrell's latest statement about the follow-up to 2001's original comedy film fits director-screenwriter Justin Theroux's update last month. "We've got a script for the sequel, and we've just been in talks again," he told Vulture. "We're trying to sharpen it and hone it and, actually, I don't want to jinx anything, but it looks like it actually might be starting to get up and running."

"It's actually been a little hard with the show, but now I'm back full-time to dedicate time toward doing it," Theroux continued. "I met with Ben [Stiller] a couple times when I was in New York doing 'The Leftovers,' and then I'm meeting again with him probably in September."

However, he claimed he does not plan to direct the forthcoming sequel due to his busy schedule. "I don't think I'm going to do it anymore," he added. "It really depends on whether the show gets picked up. If it gets picked up, then I don't think I'll have the time to do it. So it'll probably get handed to Ben, which would be awesome."

Director Ben Stiller, who plays brainless male model named Derek Zoolander that becomes a pawn in a scheme to assassinate new progressive-leaning Prime Minister of Malaysia by corrupt fashion executives, previously detailed his plans for "Zoolander 2" back in 2011. "Where it's at is we've completed the script, Justin Theroux and I, and handed it into the studio," he told Empire. "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," he continued. "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," Stiller added. "I think Mugatu is an integral part of the 'Zoolander' story, so yes, he features in a big way."