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Michael Bay is set to direct Transformers 4! Here's what Producer, Lorenzo di Bonaventura, had to say:
"Michael's going to direct it and it will be in the summer of 2014. He's a cool customer, he's excited and I think the challenge there is that we are really are going to do a reboot and what that's going to be we don't even know yet.
It's a hybrid. I'm not involved with Spider-Man, but what I perceive Spider-Man to be is a redoing of the whole thing. It's [Transformers] not. It's an evolution, there's still continuity that's going on and yet there will be a lot of new cast and whether there will be anyone from the old cast we don't even know yet. It's going to be a whole new story. The characters who will come along will be Optimus and Bumblebee I'm sure. "
Props to Geek Tyrant!