Dean Parisot (Galaxy Quest) will direct the third film in the Bill & Ted series, from a script by original creators Ed Solomon and Chris Matheson.
Solomon and Matheson wrote their script on spec to show where Bill and Ted are in their lives today instead of it being a reboot or a remake. The hope is to make a mid-priced studio comedy like Hot Tub Time Machine.
MGM still owns the rights to the film, but the new sequel is being shopped to other studios to co-finance it. MGM is currently using the same strategy on the 80s remake of Valley Girl, set up at Paramount Pictures. If Bill & Ted 3 happens it would have to wait until Parisot finishes the sequel to Lionsgate’s 2010 film Red, which begins shooting in the spring.