Keanu Reeves and Alex Winter are to reprise their iconic roles as 'Bill and Ted' three decades on.
The duo will be back as Theodore "Ted" Logan and Bill S Preston Esq in 'Bill & Ted Face The Music', with Alex confirming the news on his Twitter account.
He wrote on the social media site: "We're tuning the air guitars. #BT3 (sic)"
Producers announced the exciting news at the Cannes Film Festival on Tuesday where it was also announced that writers Chris Matheson and Ed Solomon would return for the sequel with Dean Parisot confirmed as taking the helm of the comedy movie.
It is believed the film will follow the story of Bill and Ted as they deal with their responsibilities to their families now they are coming up to middle age.
Keanu had previously teased that there was a 'Bill and Ted' sequel in the works.
He said: "Bill and Ted are still alive. The writers have a story and we're trying to make it ... Basically, they're supposed to write a song to save the world and they haven't done that. The pressure of having to save the world, their marriages are falling apart, their kids are kind of mad at them, and then someone comes from the future and tells them if they don't write the song it's just not the world, it's the universe. So they have to save the universe because time is breaking apart."
'Bill & Ted's Excellent Adventure' was released in 1989 and 'Bill & Ted's Bogus Journey' was unveiled two years later in 1991.
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