Stiller, who co-wrote, directed and starred in the original film, promised that a sequel is still in the works, though it won't hit theaters in the near future.
"The film's been discussed and in some way in the works for 10 years," Stiller told an audience at the Taormina Film Festival in Sicily, Italy. "But there are no plans to start production any time soon."
Stiller did offer fans a ray of hope. The 48-year-old actor added that his Red Hour Films production company was "actively" working on a script rewrite.
"I can't say that it's actually a reality yet, but I hope some day it is," he said. "It's been about 10 years now. It's going to be old Derek Zoolander."
Swim Week Miami Beach 2014 [PHOTOS]