Many people thought it was a joke when it was revealed that a third Bill & Ted film was in the works. Much like Ghostbusters, it’s a late ’80s property that has always been discussed of getting another film many years later, but really hasn’t come forth with anything. After a small update late last year, it seems there’s finally a big development. Not only has the script been completed, but the actor’s have read it, and have given their combined reactions.

Keanu Reeves recently spoke in an interview with The Independent about his upcoming documentary Side By Side, and the final question the actor was asked concerned the thirdBill & Ted film. “Yeah, we have a script. We’re trying to put it together. It’s a good script too.” Alex Winter was the more excited of the two, tweeting the update “-Script done? Check. -We love it? Check. -Green light? Working on it!”

The film was announced last April, and since not too much has been going on in terms of development. The script was written by original scribes Chris Matheson and Ed Solomon, but whether or not that’s changed hands over the last year is unclear. It was said that the duo received the script early last year, but that was all we heard last. The story had to do with the titular two writing a song to save the world, and Winter stated at Comic-Con that it may involve time travel to the prehistoric era, and the film would “likely see a cameo by Eddie Van Halen, as well as the return of popular characters Socrates and Billy the Kid from the first movie.” But, the project certainly seems in a flux of standing still right now.

Reeves is currently filming 47 Ronin, which is set to hit theaters in November, but after that his schedule seems pretty much open. Theoretically, they could move into production later this year, but it depends where they’ll end up it seems. The franchise is over at MGM, who’s financial stability is definitely in question after the shaky Bond issue awhile back. But it also has a history with Universal as well, so it will more than likely come down to either two of those studios.

The series has not seen a new film in 21 years, but spent time off the big screen by way of television series, a comic book, and more. Whether or not the time gap stops increasing, or the film will just end up in development hell, remains to be seen.

We’ll keep you posted on any future updates on the film as information becomes available.