The 49-year-old "Titanic" had a cameo appearance in the first film.
His return to the series was revealed by co-star Ben Stiller, who plays Derek Zoolander in the film, via a zany Instagram video, reported Aceshowbiz.
"Hansel has some #Zoolander2 news about @billyzane," Stiller captioned the clip.
In the video, Stiller says in his character Derek Zoolander's voice while approaching a blonde man sitting by a fountain and reading newspaper, "Hey, Hansel. Wouldn't it be cool if Billy Zane was in Zoolander 2?" From the back, the blonde guy seems to be Hansel, who is portrayed by Owen Wilson.
Christine Taylor and Will Ferrell return to "Zoolander" sequel to reprise their role as Derek's wife and Mugatu respectively, joined by Penelope Cruz, Cyrus Arnold and Alexanya Atoz.
The film is slated to release on February 12, 2016.
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