The actor, who played Ted in the films, had previously said that original writers Chris Matheson and Ed Solomon were "going to try and see if they can write something."
And while promoting his indie comedy "Henry's Crime," he told MTV Monday that he believed "the writers are six weeks away from a draft."
The previous films, "Bill & Ted's Excellent Adventure" and "Bill & Ted's Bogus Journey," hit theaters in 1989 and 1991, respectively, and costarred Alex Winter as Bill. The actors, who in "Excellent Adventure" played high schoolers traveling through time to piece together a history project, are now in their mid-40s -- and Reeves says that's "pretty excellent."
"The Matrix" star said the third film will likely build on the previous story lines.
"When we last got together, part of it was that Bill and Ted were supposed to have written the song that saved the world, and it hasn't happened," Reeves told MTV. "So they've now become kind of possessed by trying to do that. Then there's an element of time and they have to go back."
Do you think a third installment would be excellent or bogus?
— Nardine Saad
Twitter.com / NardineSaad
Photo: Keanu Reeves attends a screening of "Henry's Crime" at Landmark's Sunshine Cinema on April 4, 2011, in New York City. Credit: Larry Busacca / Getty Images