It's "actually, hopefully" happening! Today, actors Keanu Reeves and Alex Winter posted a new video, shot at the Hollywood Bowl in California where they officially announced Bill & Ted 3: Face The Music.

While they were being a bit coy in the video, the description makes it clear. The movie is currently scheduled for release on August 21, 2020. Here is their full video announcement:

After years of delays and budgeting issues, the movie entered pre-production last year, and was looking for financing.

The film was written by the original creators, Chris Matheson and Ed Solomon along with Dean Parisot directing. The script is eight years in the making.

THR offered this synopsis last year:

Bill & Ted Face the Music will see the duo long past their days as time-traveling teenagers and now weighed down by middle age and the responsibilities of family. They’ve written thousands of tunes, but they have yet to write a good one, much less the greatest song ever written. With the fabric of time and space tearing around them, a visitor from the future warns our heroes that only their song can save life as we know it. Out of luck and fresh out of inspiration, Bill and Ted set out on a time travel adventure to seek the song that will set their world right and bring harmony in the universe as we know it. Together with the aid of their daughters, a new crop of historical figures, and some sympathetic music legends, they find much, much more than just a song.

In an interview with Yahoo in 2014, Alex Winter gave a few more hints of the plot:

“[Bill & Ted] will be 40-something and it’s all about Bill and Ted grown up, or not grown up,” Winter tells us. “It’s really sweet and really f—-ing funny.

“But it’s a Bill & Ted movie, that’s what it is. It’s for the fans of Bill & Ted. It fits very neatly in the [series]. It’s not going to feel like a reboot. The conceit is really funny: What if you’re middle-aged, haven’t really grown up and you’re supposed to have saved the world and maybe, just maybe, you kinda haven’t?”

“There’s many versions of ourselves in this movie,” he continues. “[It’s] answering the question: ‘What happened to these guys?’ They’re supposed to have done all this stuff, they weren’t the brightest bulbs on the tree, what happened 20 years later? To answer that question in a comedic way felt rich with possibility.”