Wyld Stallyns look set to gallop back into action yet again after Bill & Ted star Alex Winter confirmed that a third instalment of the film series about two metalhead slackers is in the works.

Keanu Reeves, 46, who played Bill in the first two films, Bill & Ted's Excellent Adventure (1989) and Bill & Ted's Bogus Journey (1991), said last week that a sequel was being considered. Yesterday Winter, aka Ted, who has been largely anonymous for much of the past two decades, said the new film was very much in development.

"We kicked around the idea over the years and had always thought if we could make something that was kind of genuine in spirit, as the originals, and without falling prey to a kind of retro cynicism or something that was unnecessary, it would be worth doing," Winter, 45, told MTV. "Now the cat's out of the bag, and the truth is that, yeah, we have finally hit upon an idea that we think is pretty great."

The actor, who these days makes his living mostly as a director of music videos and commercials, added: "We don't want to make a cynical 'here's Bill and Ted – you guys are our kids, now you guys go be Bill and Ted and the franchise can live for another 25 years!' It's not that. It's a straight up, what's the funniest and most surprising take on where Bill and Ted would be right now if we stopped back in on them?"

Next stop then: Bill & Ted's Middle Aged Expedition to the Local Store for some Beers.