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It’s been months since we’ve heard any news on “Bill & Ted 3.” The last item reported was the script for the third film was finished. Now, the project is finally gaining momentum by signing Academy Award winner Dean Parisot (“Galaxy Quest,” “Red 2”) to direct.

Unlike so many recent studio remakes, which have simply recycled old material for a new generation, original writers Ed Solomon and Chris Matheson took the unusual step of penning their third Bill & Ted script on spec in an attempt to ensure a take that would address where Ted Theodore Logan and Bill S. Preston, Esq. are in their lives today as opposed to being a reboot or remake.

Where the third film might land is still not clear: MGM Pictures still owns the rights to Bill & Ted, but this new package is currently being shopped to other studios to co-finance it. Insiders have told the website Vulture that their hope is to make a mid-priced studio comedy like “Hot Tub Time-Machine.”

But even if “Bill & Ted 3” does get set up at a studio, it would need to wait until Parisot finishes directing the sequel to Lionsgate’s 2010 film “Red,” which starts shooting this spring.

The presently titled “Bill & Ted 3” project is being shopped around, and will star Keanu Reeves, and Alex Winter. Ed Solomon and Chris Matheson wrote the screenplay. Dean Parisot will direct.

*Rumor has it that actor William Sadler may return to reprise his role as the Grim Reaper from “Bill & Ted’s Bogus Journey.”

Source: Vulture