Fans erupted in cheers two months ago when it was announced that Keanu Reeves and Alex Winter would reprise their roles as “Ted” Theodore Logan and “Bill” S. Preston Esq. in “Bill & Ted Face the Music” — but now, Reeves has warned the third film might not happen.

“I don’t know if it’s a reality,” Reeves told Yahoo Entertainment. “We’ve been trying for a long time to get that film made, and it still has its challenges.”

The actor said the challenges are financial ones, not creative ones, adding that he had ideas for the older version of Theodore Logan.

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“I really love the characters, and I think we have a good story to tell/ Part of it is show business stuff — financing, rights, deals. Nothing creatively,” said Reeves. “There’d be a lot about [Ted] that would be the same, I’m sure; his kind of optimistic naïveté in the face of the darkness will still be there. He has a child now, so I’m sure he’s matured.”

In May, it was reported that Orion Pictures would release “Bill & Ted Face the Music.” Chris Matheson and Ed Solomon have penned the script. Dean Parisot will direct. Steven Soderbergh is executive producing alongside Scott Fischer, John Ryan Jr. and John Santilli. Scott Kroopf will produce with Alex Lebovici and Steve Ponce of Hammerstone Studios.

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The film was said to follow the two men — no longer the time-traveling teenagers we’ve come to know. They are now responsible adults. They’re writing dozens of songs but not one seems to stick, until someone from the future tells them that only their song can save the world. Soon, they embark on a time-traveling adventure to save the universe.

The first film, “Bill & Ted’s Excellent Adventure,” was released in 1989. The sequel “Bill & Ted’s Bogus Journey” came out in 1991.

A spokesperson for Orion had no comment.