On the official Michael Bay Forum site, Michael Bay himself posted a thread on Thursday announcing that “Transformers 3” will be released July 1, 2011, moved up from the previous date of 2012.  Here’s what he had to say to his fans:

Well its official: We have a great Transformers 3 story. The release date is now July 1st 2011. Not 2012.
Today is Day One. This morning started with an ILM meeting for five hours in San Francisco. Currently I’m flying with writer Ehren Kruger to Rhode Island to talk to Hasbro about new characters.
P.S. Megan Fox, welcome back. I promise no alien robots will harm you in any way during the production of this motion picture. Please consult your Physician when working under my direction because some side effects can occur, such as mild dizziness, intense nausea, suicidal tendencies, depression, minor chest hair growth, random internal hemorrhaging and inability to sleep. As some directors may be hazardous to your health, please consult your Doctor to determine if this is right for you.
Pain and Gain is right after shooting of Trans 3.
Michael

[Commentary]

Ouch, I just pulled an eye muscle rolling my eyes at the mention of Megan Fox. Does she really have to be in any more films at all?  I can’t wait for her metabolism to slow down like an ex-Olympic ice skater’s.

[Source] ShootForTheEdit