Stiller, who starred in and directed the hit 2001 movie, recently announced plans to bring the film back to the big screen.
And the Superbad comic is reportedly in the running to play a bad guy opposite Stiller and Owen Wilson in Zoolander 2, which is slated for release in 2012.
He tells MTV News, "There is no 'officially onboard.' There is no ship. They're writing it right now. We've been talking a lot about it, and it seems really exciting and fun.
"If Ben and (writer) Justin (Theroux) want me to do it, we've been talking about it. I saw Ben a couple of days ago, and we've been talking a lot about it, and it's really exciting. I love Zoolander, and I think it's going to be really fun. Hopefully, they can get it together and we'll get going."