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*The sequel to “Waiting to Exhale” is bout ready to start.

At the Essence Music Festival, the author Terry McMillian said she’s working on the third draft of a script and hopes to have it finished by July.

“This won’t be on the screen until sometime in 2012 though,” she warns.

McMillan broke the story on Twitter a few months ago, tweeting, “We are working on the script for ‘HAPPY.’ Will know in about a month or so when we’ll begin production.”

And on Whitney Houston, she’s still hopeful she’ll come around and recover in time.

“We’ll know soon enough,” she said. “I’ve been told that’s she wants to do it, and I think the studio wants her to do it. We all want her to do it… I just hope she’s healthy.”

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