According to Aykroyd, "...he won't be involved. It's sad but we're passing it on to a new generation. Ghostbusters 3 can be a successful movie without Bill. My preference would be to have him involved but at this point he doesn't seem to be coming and we have to move on. It's time to make the third one."
Men in Black 3 scribe Etan Cohen, whom Aykroyd refers to as "a brilliant" writer, is tapped to rewrite Ghostbusters III for the studio. "We'll be passing the torch on to a new generation." Explains the Ghostbusters thesp, "we're working on it to make it just right to satisfy our fans. I'm confident we'll be in production in the next year."
So what does all this means? Who the hell knows at this point. The idea of making this movie should have been crushed a long time ago. If this movie ever comes to fruition, Aykroyd and company will have to hide their walkers off-set.