The original entry into the franchise, Bill & Ted’s Excellent Adventure, was released in 1989 and spawned a 1991 sequel, Bill & Ted’s Bogus Journey.
Producers announced the new sequel at the Cannes Film Festival on Tuesday.
It will be written by the series’ original writers, Chris Matheson and Ed Solomon, while Dean Parisot has been confirmed as the director.
MGM’s Orion Pictures is set to release the film in the US.
According to reports, the film will follow the title characters as they struggle with family responsibilities now they are into middle-age.
The duo has still failed to write the greatest song ever and a visitor from the future tells them the fate of the world hangs on their ability to write the song.
Keanu Reeves and Alex Winter confirmed for third Bill and Ted film