Gaga offered 'Zoolander' sequel?
Stiller, 46, returns as dim-witted Derek Zoolander along with Owen Wilson, 43, as Hansel McDonald.
Gaga has been offered to play the role of 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," said a source.
Kate Moss, Kate Upton, Heidi Klum and Adriana Lima are also candidates for the role.
The shooting of the movie is due to start early next year.