That would be Dean Parisot, most known as the director behind 1999's Galaxy Quest, a sci-fi comedy that managed a precarious tonal balance and has gained in esteem over the years.  Since fully unleashing the potential of Sam Rockwell in that movie, Parisot has done a lot of solid work in television, including episodes of Justified, The Good Wife, and Curb Your Enthusiasm.

Before you ask, both Alex Winter and Keanu Reeves are involved.

Last year, Winter and Reeves both provided updates on the screenplay, with Winter reporting that it was complete and ready to read in April.  In order to ensure that any continuation of the series wouldn't be a remake or some such nonsense, original writers Ed Solomon and Chris Matheson wrote the script more or less unsolicited.  The whole concept behind Bill and Ted's time travel adventure was that the music of Wyld Stallyns achieved a perfection that aligned the cosmos and brought total enlightenment to sentient creatures across the universe.  This installment will show just where the duo are twenty-odd years later, having become global music stars at the conclusion of Bill & Ted's Bogus Journey.

MGM retains the rights to Bill and Ted.  Though the studio is back on its feet following a financial faceplant, it's in no position to mount Bill & Ted 3, so according to Vulture, MGM is looking for a partner to co-finance the sequel.  Unnamed insiders report that it's being sold as a mid-price comedy in the vein of Hot Tub Time Machine.

Even if MGM finds a studio partner, it's going to be a little while before another Wyld Stallyns adventure gets going.  Parisot is currently at work on the sequel to 2010's action-comedy Red.  Production is set to take place on that one in Spring of next year.

Unfortunately, we won't be seeing George Carlin as series fixture Rufus, but if their past efforts are any indication, Solomon and Matheson will provide some unexpected and bizarre exploits to compensate.