Speaking with IGN, Keanu recently admitted that the long-awaited second sequel is still somewhat moving forward which at the same time standing still, explaining that the script was moving forward, with studio involvement, but Bill & Ted 3 wouldn’t come to fruition until everything felt right with the script. Reeves explains:
“We’re just trying to get the script together. We’re trying to get the story right. We’re working with this studio so we have a little bit of support, in a sense of like if the material comes through we’ll try and make this picture. We’re really just still trying to get the story right but we are closer and not closer. We’re expecting another draft and hopefully we’ll get closer.”
Seeing as the last adventure The Great Ones, their Bogus Journey was all the way back in 1991, the film series has reached beyond the “general” waiting period in which Hollywood usually decided to reboot or remake a given fan loved franchise or film and the continuing cryptic nature of the updates not to mention that a third film would be basically a purely nostalgic outing at this point I am left like most fans waiting but not worrying too much about the future.