Penelope Cruz Sizzles in a Skintight Red Jumpsuit for 'Zoolander 2'

Looking good, Penelope!

It's safe to say Penelope Cruz is looking hotter than ever.

The 40-year-old mother-of-two was snapped on the Rome set of Zoolander 2 on Saturday, looking amazing in a zipped-up red leather jumpsuit and spiky red Christian Louboutin booties. The Spanish bombshell shot scenes with both Ben Stiller and Owen Wilson, hopping on a motorcycle at one point.

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Anyone else getting flashbacks to Britney Spears' 2000 music video for "Oops!... I Did It Again?"

No word yet on what glamorous role Penelope will be playing, but the Oscar-winning actress joins a long list of reported cameos in the highly anticipated sequel, including Kristen Wiig, Olivia Munn, Kim Kardashian and even Kanye West.

"I think the idea in the beginning of the movie is that it's 10 years later, and Derek and Hansel are literally forgotten," Stiller told MTV about Zoolander 2's plot. "Nobody remembers who they are, so they have to reinvent themselves. … In the fashion world, if you go away for a year, it's changed -- it just happens so quickly."

Zoolander 2
is set to hit theaters on Feb. 12, 2016.

VIDEO: Kristen Wiig Looks Completely Unrecognizable on 'Zoolander 2' Set

Last month, Stiller, 49, and Wilson, 46, hilariously walked Valentino's Fall 2015 Fashion Show during Paris Fashion Week totally in character as Derek and Hansel. Watch below!