We haven't heard much regarding Bill & Ted 3 in the last few months, except for a few tweets from Alex Winter in March where he revealed the script is ready and that they are awaiting a green light. Today we have news that Dean Parisot (Galaxy Quest) has signed on to direct, so a greenlight might be closer then we think.
Ed Solomon and Chris Matheson, the writing team behind Bill and Ted's Excellent Adventure and Bill and Ted's Bogus Journey, wrote the screenplay for this third adventure. Last April, Keanu Reeves revealed that the story would revolve around Bill and Ted writing a song that eventually saves the world.
It still isn't known what studio this seqeul will land at. MGM Studios currently owns the rights to the franchise, but it is said that this package is being shopped around to other studios for co-financing. It isn't known when production will begin, although it will have to wait until Dean Parisot wraps on Red 2, which he starts shooting next spring.