PEDRO Almodóvar’s irresistible comic melodrama “Volver” is the best thing to happen to Penelope Cruz since she broke up with Tom Cruise.

Cruz, who has struggled unsuccessfully with English dialogue in dubious blockbusters like “Vanilla Sky” and “Sahara,” here dons a Sophia Loren-esque padded butt, and does earthy work in Spanish that deserves an Oscar nomination for Best Actress.

It’s her first collaboration with arguably the world’s greatest director since “All About My Mother” seven years ago kicked off a series of Almodóvar masterworks that included “Talk to Her” and “Bad Education.”

“Volver,” which translates as “coming back,” has been described as a cross between “Mildred Pierce” and “Arsenic and Old Lace” by Almodóvar – which ought to be more than enough to entice his fans.

But this sly, female-centric film – perhaps the least overtly gay of Almodóvar’s career – may also be his most appealing for mainstream audiences, as well as for Academy Award voters.

Cruz is superb as Raimunda, a hardworking Madrid mother who has her “Mildred Pierce” moment when her teenage daughter Paula (Yohana Cobo) accidentally stabs her lazy husband, Paco, to death.

Paco had revealed to Paula that he wasn’t really her dad – and was putting the moves on the teen.

Raimunda stashes Paco’s body in the freezer of a nearby vacant restaurant she’s supposed to be minding.

When she’s surprised by an offer to cater lunches for a film crew at the restaurant, Raimunda enthusiastically seizes on the financial opportunity with some help from her pals.

More or less simultaneously, the mother that Raimunda had long thought died in a fire with her father turns up very much alive.

Unknown to our heroine, Mom, who has been hiding out with her newly deceased sister, begins masquerading as a new Russian assistant to Raimunda’s sister Sole (Lola Duenas of “The Sea Inside”), a sourpuss divorcée hairdresser.

The mother is wonderfully played with great humor by Carmen Maura, who appeared in several of Almodóvar’s early films.

The final major character is Augustina (Blanca Portillo), a former neighbor of the family in La Mancha (Almodóvar’s real-life hometown) who yearns to know what happened to her own mother – who disappeared at the same time as the fire that claimed Raimunda’s dad – before she dies of cancer.

Almodóvar milks this premise for all it’s worth with witty dialogue, terrific performances – and less-flamboyant-than-usual visuals that are still a red-accented treat for the eye.

“Volver” has lots of laughs – but also a lot of heart. Don’t miss it.

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VOLVER

[*** 1/2] (Three and one-half stars)

Vote for Pedro!

In Spanish with English subtitles. Running time: 113 minutes. Rated R (sex, profanity). At the Lincoln Square, the Sunshine, the Chelsea.