Keanu Reeves, Alex Winter reteaming for 'Bill & Ted 3'

Keanu Reeves and Alex Winter are returning for the third installment of "Bill & Ted" after a gap of around 27 years.

According to The Hollywood Reporter, the much talked about - "Bill & Ted Face the Music" - is in works with Dean Parisot as director.

Reeves and Winter will reprise their iconic roles as Ted "Theodore" Logan and Bill S Preston Esq, respectively.

Original creators Chris Matheson and Ed Solomon have penned the script.

The actor duo said they are elated to head back to the world of the two time-travelling metalheads.

"We couldn't be more excited to get the whole band back together again. Chris and Ed wrote an amazing script, and with Dean at the helm we've got a dream team," Reeves and Winter said in a statement.

The new film will see the two characters way past their teenage, now burdened by the responsibilities of family.

They have written thousands of tunes, but are to write a good one and are lightyears away from penning the greatest song ever written.

When a visitor from the future warns them that only their song can save lives, Bill and Ted embark on a time-travelling adventure. How they discover much more than a song with the help of their daughters, a new crop of historical figures and some sympathetic music legends is the plot of the story.

Solomon and Matheson reportedly began working on a script in 2010, with both the actors hinting over the years that they were interested in another film from the series.

Film is in preproduction stage.

First two installments in the franchise were - "Bill & Ted's Excellent Adventure" (1989) and "Bill & Ted's Bogus Journey" (1991).