Original "Bill & Ted's Excellent Adventure" creators Ed Solomon and Chris Matheson penned the script for a third film in the series on spec. Rather than remaking or rebooting the property, the film is a sequel exploring where Ted Theodore Logan and Bill S. Preston, Esq. are in their lives today.
Keanu Reeves and Alex Winter are attached to star and the aim is to make the project for a modest but still decent sized budget (ala "Hot Tub Time Machine").
The catch however is the rights - MGM still owns the property, but this package is being shopped around to other studios to co-finance it. Parisot begins shooting the "Red" sequel this spring.