The following was released on Michael Bay’s official website:

I spoke to Michael today and he had a little update on his future projects:

He will be meeting later this week with Steven Spielberg, and Ehren Kruger to discuss ideas for Transformers 3. By the end of the week he should have an idea if Transformers 3 will hit your local cineplex in the summer of 2011 or 2012.

In the meantime “Pain & Gain” is looking very possible as is…

…Bad Boys 3. Either film coming to a theater near you before or after Transformers