Yes, a script (written by franchise creators Ed Solomon and Chris Matheson) exists - but in it's current state, Reeves says the project would be too expensive to shoot.
"It needs to be adapted because right now, it would cost $400 million to make," he told the website, while plugging his latest flick, 47 Ronin, in Japan.
"There's a rift in the universe and there's all sorts of creatures," Reeves said of some of the elements that the script currently contains.
But the lack of momentum on the sequel hasn't dampened the 49-year-old star's enthusiasm.
"That would be surreal," he said of appearing in a follow-up with co-star Alex Winter, who played Bill S Preston Esq.
"The script is funny and there's a story to tell there, so there are efforts being made to try and continue that journey."
Reeves was similarly optimistic about the sequel when he spoke to E! News at the Toronto International Film Festival.
"The writers are trying [to get the green light]," he said. "I would do [it]. I think it would be insane. It would be insane...There is a story to tell."
He also waxed lyrical about a potential Bill and Ted 3 plot.
"Did they write the song that saved the world?" he added, "What would be the pressure to write that song?"
Reeves also dropped some story details about the proposed follow-up in a recent conversation with The Playlist.
"It's basically that Bill and Ted haven't been able to create that song that's supposed to change the world and what that's done to them," Reeves said. "So they go into the future to try to figure out what happened, and some hijinks ensue. So there's something about family and mortality and I think it's a wonderful extension to these wonderful characters."
Which all sounds very promising, and contrasts with Reeves' somewhat downbeat confab with MTV News back in September, when he was a little despondent over the film's future.
"It's a long story," chimed Reeves. "There's lots of subterfuge and conspiracy theories. There's a whole thing... I might have to do one of those independent press, conspiracy, other-name kind of [statements] explaining why it hasn't happened yet, because it's pretty dark out there."
He added, "There's all sorts of stuff and it just can't - it's just - there's darkness out there that's keeping it from happening... It's that part of the story where it's looking grim. It's the dark period of the idea!"
Oh dear, Sad Keanu.
Winter had an optimistic view of Bill and Ted's next adventure while chatting with Empire magazine a few weeks ago.
"We have a script and I believe we will get it made. But we're in that zone of putting it together, which maybe Dumb And Dumber To was in for a while," he said.
Winter continued: "Chris (Matheson) and Ed (Solomon) are two very sought-after Hollywood screenwriters and we're waiting for them to come back with another draft. It's just the four of us: it's not like there's a big, cigar-chomping money guy interfering. There are people with money who are interested, but the ball is in our court as to how we want to organise it financially."
He also suggested that there is no pressure to make the follow-up.
"I hate to say this because it might tick off the fans," Winter shared. "But it doesn't really matter if the movie happens now or in a couple of years, given what it's about and how it plays with what's happened to us."
Stay tuned for updates, folks.
NOTABLE NUGGETS
And finally ...
* Quentin Tarantino says he was once bitten on the nipple by a taxi driver; announces his next film will be another Western.
* Julia Roberts thinks Jennifer Lawrence is "too cool" to be America's sweetheart.
* A handy compendium of Kanye West's latest disses.
* Breaking news: Keith Urban chops off his signature locks.
* Job done: Ashton Kutcher and Demi Moore's divorce has been finalised.
* Don't even try to make eye contact with Barbra Streisand.
* Paris Hilton says she "never made a dollar" off her infamous 2004 sex tape; photobombs David Beckham at boxing match.
* Shirtless Zac Efron joins Bound 2 parody bandwagon.
* Life of Pi tiger "damn near drowned" on set, report claims.
* This again: Keanu Reeves and Charlize Theron a thing? Not so fast...
* Watch: Taylor Swift hangs with Prince William and Jon Bon Jovi at Kensington Palace party, and the trio band together to sing the rock veteran's classic, Livin' On A Prayer...
- Rumour Has It
