The Spanish star won a 'Best Supporting Actress' Oscar for her performance as a crazed painter opposite future husband Javier Bardem in Allen's Vicky Cristina Barcelona.
Being able to work with the acclaimed filmmaker still stands one of Cruz's crowning achievements, The Vancouver Sun quotes the star as saying.
"It gave me a great experience making it, along with the privilege of working with Woody Allen, whom I first admired as a little girl. I've seen all his movies, so just to be around him, to spend time with him, to work with him," she explained. "It also gave me an Oscar, so it's a very special movie for me."
Cruz will begin filming on Allen's 42nd feature film in Italy this summer, but refused to provide any details about her character out of "respect" to the director's wishes.
"We're going to shoot in Rome in July," the star added. "I can't wait to be around him again, because he makes me laugh so much."
Alec Baldwin, Ellen Page, Maricel Álvarez and Judy Davis have also signed to appear in Bop Decameron, which is expected to premiere next year.
Midnight in Paris, Allen's latest movie, is currently on limited release in the US.
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Watch the trailer for Midnight in Paris below: