'Bill & Ted 3' release date, news: Keanu Reeves says film is moving closer to production; Queen Elizabeth to cameo?

Keanu Reeves has good news for fans of the popular "Bill & Ted" franchise.

According to the star, the long-awaited third installment in the comedy/adventure film series is getting closer to filming and will be "most excellent."

Speaking with Entertainment Tonight during a recent press junket for his film "The Neon Demon" (2016), Reeves dropped some very juicy details about the hotly anticipated threequel in the cult favorite film franchise. In his interview, the actor said that a new draft of the script for the upcoming "Bill & Ted 3" had recently been submitted and that the film is set to be "bodacious, excellent, and heartwarming."

"It's funny!" Reeves told ET. "It's about the pressure of Bill and Ted having to save the world and it not quite working out."

Bill (Alex Winter) and Ted (Reeves) made their big screen debut in "Bill & Ted's Excellent Adventure" (1989), which followed the two slackers' shenanigans across time, as they met various famous historical figures for a high school history project. It was followed in 1991 by "Bill & Ted's Bogus Journey."

Rumors that a third "Bill & Ted" film is in the works had been swirling for years. In April, Winter confirmed that the "Bill & Ted 3" script was complete and that it was penned by original writers Ed Solomon and Chris Matheson.

According to Reeves, the film will have some drama, which will come from the toll that the pair's antics have taken on their families. The actor also hinted at some tension between Bill and Ted, with the pair's bromance possibly "breaking apart."

Reeves also said that the film is probably not going into production this year, but assured fans that it is rolling along, saying, "We're still dealing with dough and story, but we're closer."

Meanwhile, a report by Metro U.K. indicates that "Bill & Ted 3" could have a "huge British feel."

According to the outlet, a source claims that a big portion of the film is set in the U.K.

"The whole film is going to have a huge British feel," the source told the U.K.'s The Sun. "They'll time-travel through London and meet historical figures, meaning the Queen and Winston Churchill could get cameos."

The official release date for a potential "Bill & Ted 3" has yet to be announced.