The 46-year-old actor starred as the dim-witted male model Derek Zoolander in the first film, which became a fan favourite after it was released in 2001.
Speaking to Collider about Zoolander 2, Stiller revealed: "We have a script, as we've had for a little while, and it's not quite coming together right now but I hope it does.
"I would like to do it at some point in the future."
Stiller can be seen next in the comedy ensemble The Watch alongside Vince Vaughn, Jonah Hill and Richard Ayoade.
The Watch will open to cinemas on July 27 in the US and August 29 in the UK.
Watch a trailer for The Watch below: