According to
Vulture Bill & Ted 3 has finally locked down a director,
Galaxy Quest's Dean Parisot and stars Keanu Reeves and Alex Winter are on board. The film will not be a remake or a reboot, it is a sequel that explores where Ted Theodore Logan and Bill S. Preston, Esq. are at in their lives.
The hope is to make the film on a modest budget, something akin to
Hot Tub Time-Machine's $50M budget. The rights to the film are owned by MGM and creators Ed Solomon and Chris Matheson will shop the project to other studios for co-financing.
One of the last hurdles is that the project can't start until Parisot finishes his other obligation, the sequel to Bruce Willis'
Red.
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