UPDATED: This hurts me to say this, but Myers' people just contacted me to let me know that the EW report was incorrect. Myers is not working on a script for WAYNE'S WORLD 3. Sorry, everyone.

There's nothing I'd like to see more than a third WAYNE'S WORLD film. Talk of WAYNE'S WORLD 3 originally began back in 2008 when the guys returned for SNL, but Mike Myers was quick to dismiss the idea. When the guys reunited for SNL last year, they sparked heavy rumors that a third film was on the way. We waited, and waited, and waited...nothing happened. Is Mike Myers mental?

In January, Dana Carvey said that he would be up for reprising his role as Garth. Was this the reason that Myers finally got to work on the screenplay for the third installment? I don't know, but what the hell else has he got to do besides another AUSTIN POWERS movie.

EW.com dropped us a line that Myers has finished his first draft of WAYNE'S WORLD 3. The story is said to focus on, "Wayne and Garth coping with the new era of music, transitioning from access cable to streaming internet (ala Youtube) and Wayne balancing his marriage to Cassandra." There is no official timeline for this since Myers still has AUSTIN POWERS in the works.

For all I care, Myers could dump AUSTIN POWERS and just focus solely on WAYNE'S WORLD 3. One of the biggest challenges of creating a new storyline for Wayne and Garth is the change in the music scene. I'm sure we can all agree that the guys will think that Justin Bieber blows goats. But what are they listening to now? Are they still dressing the same way? That's a big part of who Wayne and Garth are. The real question is: can these characters still be funny in this day and age? Of course they can.