Update: EW has said the following story is fake, sorry Wayne’s World fans.

With the Wayne’s World duo effectively stepping back from the Hollywood spotlight, one imagined we would never see them team again to complete a trilogy. In the last decade Mike Myers has only been heard in the Shrek series, as well as popping in for a appearance in Inglourious Basterds and then delivering the bomb The Love Guru. His cohort Dana Carvey has even been more elusive, just appearing for a brief moment in Jack & Jill. But now it looks like they duo may be reunited and for much longer than just an SNL sketch, as they did early last year.

According to EW, Myers has revealed he has completed the first script of Wayne’s World 3. With a contemporary setting, the project is said to focus on “Wayne and Garth coping with the new era of music, transitioning from access cable to streaming internet (ala Youtube) and Wayne balancing his marriage to Cassandra (Tia Carrere).” While Myers is also focusing on a fourth Austin Powers, there’s no telling when we would actually see Wayne and Garth return, but we’re coming up on a twenty year reunion since they last graced the silver screen, so we’ll have to see if studios are interested in bringing them back.

Below one can check out their SNL appearance back in February of 2011 as we await more news on this potential reunion:

Would you like to see Wayne and Garth return?