Alex Winter and Keanu Reeves from 'Bill & Ted's Excellent Adventure.'

Keanu Reeves' long-awaited Bill & Ted sequel is moving forward with filmmaker Dean Parisot as director.

The Matrix star confirmed in March that another installment of the comedy franchise is in the works, revealing he and co-star Alex Winter have a "good script" and were just waiting for a start date.

Galaxy Quest director Parisot has now been put in charge of the third Bill & Ted film, according to showbiz blog Vulture.com, but production is unlikely to begin for some time yet as he is scheduled to start shooting Red 2, a sequel to the 2010 Bruce Willis and Helen Mirren action comedy.

The original Bill & Ted's Excellent Adventure came out in 1989 and a follow-up, titled Bill & Ted's Bogus Journey, was released in 1991. The franchise also enjoyed success on TV thanks to an animated series.