Actor and producer Ben Stiller has asked the singer to star alongside him in the comedy for £3 million, The Sun reports.
[Left: Lady GaGa / Right: David Bowie in the original Zoolander]
Stiller is returning to play Derek Zoolander and Owen Wilson will reprise his role as Hansel McDonald. GaGa would play a love interest for the former model rivals.
"GaGa is top of their wish-list. She has the talent and attitude - and an amazing sense of humour," a source said.
Kate Moss, Kate Upton, Heidi Klum and Adriana Lima are also said to be candidates for the role. The movie starts filming next year.
Stiller had previously confessed that while he had a script for the project, he was struggling to get it off the ground.
"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," he said. "I would like to do it at some point in the future."
GaGa recently filmed her acting debut in Robert Rodriguez's Machete Kills.
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