Party on, dudes: Bill and Ted are coming back!

Twenty years after the Wyld Stallions played hero and became the biggest band in the universe, the boys from San Dimas will be coming back to the big screen. Star Keanu Reeves confirmed to MTV that a long-gestating sequel to the classic films "Bill and Ted's Excellent Adventure" and "Bill and Ted's Bogus Journey" is on its way, with a draft of a screenplay nearly finished.

"When we last got together, part of it was that Bill and Ted were supposed to have written the song that saved the world, and it hasn't happened," he told the network's movie blog. "So they've now become kind of possessed by trying to do that. Then there's an element of time and they have to go back."

Time travel was Bill and Ted's speciality; in the first film, they go back in time to collect famous figures for a school presentation whose outcome would determine the fate of the universe.

Reeves, who played Ted, has gone on to massive Hollywood success, including his most iconic roles in "The Matrix." Alex Winter, who played Bill, had some success with a sketch comedy show and cult classic movie, and now directs music videos along with sporadic television shows and small films.

Back in 2007, it seemed as if the film series would get a third installment -- in direct-to-DVD form. MGM even had a deal with a director and writer, but the project was never released.

"Bill and Ted" got two brief TV spinoffs; in 1990, Reeves, Winter and co-star George Carlin voiced the animated series "Bill and Ted's Excellent Adventures," and in 1992, a live action show, with neither Reeves or Winter, had a short run.

For what it's worth, BillAndTed3.com is live with a teaser for a future, unspecified film.

For more on the upcoming sequel, click over to MTV.