The filmmaker announced on Tuesday (14Feb12) that he had signed a two-picture deal with Paramount Pictures, which will include a new take on the Transformers brand - although Bay and his producer pal Lorenzo di Bonaventura have yet to figure out a plotline.
Di Bonaventura tells MTV News, "I think the challenge there is that we are really going to do a reboot and what that's going to be, we don't even know yet...
"It's an evolution. There's still continuity that's going on, yet there will be a lot of new cast. Whether there's anybody from the first cast, we don't even know yet. The trust is it's going to be a whole new story."
Original star Shia LaBeouf is not expected to be part of the new film after insisting he was done with the hugely-successful action series following the release of last year's (11) Transformers: Dark of the Moon, which grossed a massive $1.12 billion worldwide. And sexy leading lady Megan Fox was replaced by British model Rosie Huntington-Whiteley in the third film.
The next Transformers sequel is scheduled to hit theatres in June, 2014.