Keanu Reeves and Alex Winter are set to reprise their iconic roles as Bill and Ted some 27 years after the last instalment of the cult classic.

Following 1989’s Bill & Ted’s Excellent Adventure and 1991’s Bill & Ted’s Bogus Journey, a long-awaited third instalment has been confirmed to be in the works, with Reeves again to play Ted “Theodore” Logan and Winter to portray Bill S Preston Esq.

The new film,  Bill and Ted Face the Music, will pick up several decades after the events of Bogus Journey, with the time traveling slackers burdened by middle age and family responsibilities are yet fulfil their destiny and write the greatest song ever written.

With the fabric of time and space tearing around them, a visitor from the future warns that only their song can save life as we know it – forcing Bill and Ted to set out on another time-travel adventure.

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The franchise’s original creators, Chris Matheson and Ed Solomon, penned the script and Dean Parisot will direct the film.

Bill and Ted Face the Music is currently in pre-production and a release date has yet to be announced.

“We couldn’t be more excited to get the whole band back together again,” Reeves and Winter said in a statement.

“Chris and Ed wrote an amazing script, and with Dean at the helm we’ve got a dream team.”

Solomon and Matheson reportedly began working on a script in 2010, but the project had been “left at the altar a few times”.

“We get rejected right about the ‘now you may kiss the bride’ part of it’,” Solomon told Entertainment Weekly earlier this year.

In 2017, Reeves told BBC talk show host Graham Norton that the film had been written and the story would see the duo “supposed to write a song to save the world and they haven’t done that.

“The pressure of having to save the world, their marriages are falling apart, their kids are kind of mad at them, and then someone comes from the future and tells them if they don’t write the song it’s just not the world, it’s the universe.”