After it seemed like Bill & Ted 3 was officially happening with a late 2018 production start as well as a director and studio in place, Keanu Reeves admits that the project is still in limbo. The third installment, also known as Bill and Ted Face the Music, has been struggling to find an adequate budget for years, and it appears that problem still exists, according to Reeves. Bill and Ted fans have been waiting since 1991 to see the third installment.

In a new interview, Keanu Reeves cast some doubt on Bill and Ted 3 happening. The actor maintains that he and Alex Winter are ready to return, but they are having trouble getting the studio to give them the budget that they need to do it right. Reeves also stated that they have a really good story to tell. He explains.

"I don't know if it's a reality. We've been trying for a long time to get that film made, and it still has its challenges. I really love the characters, and I think we have a good story to tell. Part of it is show business stuff - financing, rights, deals. Nothing creatively."

Ed Solomon, who wrote the first two movies, has turned in a screenplay for Bill and Ted 3 and the project was supposed to go into production either late this year or early next year and Dean Parisot (Galaxy Quest) is set to direct the film. However, it looks like Bill and Ted 3 might be heading back to development hell, which is a shame. It might be time to see if crowdfunding could raise the money for the budget that is needed to get the project off of the ground.

Even after stating that he's unsure if Bill and Ted 3 will actually happen, Keanu Reeves also admitted that he's still trying to think about how he'll approach the iconic character again after 27 years away. Bill and Ted 3 will show the characters as middle-aged men who now have families of their own and it will see them on a new kind of mission. Though Reeves believes that there will be a lot of similarities, he also thinks that Ted may have matured over the years. He had this to say.

Related: Bill and Ted 3 Is Closer Than Ever to Finally Happening

"It'll be interesting to see what that's like. There'd be a lot about him that would be the same, I'm sure; his kind of optimistic naïveté in the face of the darkness will still be there. He has a child now, so I'm sure he's matured."

It seems that Bill and Ted 3 is back in limbo again. The original studios that put out the first two movies, Orion and MGM, have both recently had money issues, so that could be the main factor that's keeping the project from moving forward. Let's just hope that they are able to figure out a way to get Bill and Ted 3 into the filming phase and soon, before Bill and Ted are in their 70s. You can read the rest of the interview with Keanu Reeves at Yahoo Movies.