May 08, 2018 at 12:23 PM EDT

The dudes will party on.

Just two months after reuniting for EW, Keanu Reeves and Alex Winter are taking their reunion to the righteous next level: Bill & Ted 3. Nearly 27 years since the release of the second film in the science fiction comedy franchise, plans were officially announced Tuesday for Bill & Ted Face the Music.

Watch the full episode of Entertainment Weekly Cast Reunions: Bill & Ted’s Excellent Adventure streaming now on PeopleTV.com, or download the PeopleTV app on your favorite device.

Directed by Dean Parisot (Galaxy Quest) and once again written by Chris Matheson and Ed Solomon, the film will continue to track the time-traveling exploits of Ted (Reeves) and Bill (Winter). Yet to fulfill their rock and roll destiny, the now middle aged best friends set out on a new adventure when a visitor from the future warns them that only their song can save life as we know it. Along the way, they will be helped by their daughters, a new batch of historical figures, and a few music legends.

“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!”

Peggy Sirota for EW

Winter, Reeves, Matheson, and Solomon all recently spoke to EW about the very real possibility of the third installment. Solomon teased it as “A Christmas Carol with Bill and Ted,” while Winter assured fans that this wouldn’t be some “stale knockoff.”

“The whole trajectory of getting the next one off the ground has been pretty much exactly like the experience of getting the original,” explained Winter. “Going to every studio, and they’re like, ‘What the eff is this?’ It’s this kind of independent spirit, and the films have an anachronistic quality to them that’s a big part of what they are, fundamentally. I’m really happy that this one is the same. It doesn’t feel like some stale knockoff that a studio would have immediately gone, ‘Oh, this feels right. We have rebranded very successfully.’”

The Bill & Ted team has added one new big name in Steven Soderbergh, who will serve as an executive producer alongside Scott Fischer, John Ryan Jr., John Santilli, and producers Scott Koopf, Alex Lebovici, and Steve Ponce.

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