Sounds like he might be hanging with his buds at Dreamworks again for a project called I AM NUMBER FOUR. The studio grabbed rights to the upcoming series of sci-fi/action books, and Bay will produce and possibly direct the first. Steven Spielberg returns to exec produce and, presumably, attempt some form of restraint on the rambunctious director.
The story is “about a group of nine earthbound alien teens who escaped their planet just before it was destroyed by a hostile species. While the high school-aged kids assimilate, the title character discovers that he is being hunted by the enemy that blew up his planet.” (Something tells me Bay might have only picked up on the words “destroyed,” “blew up” and “planet.”)
The books are supposedly done under a pseudonym of author James Frey, probably best known for the memoir “A Million Little Pieces” and for then getting lambasted by Oprah for daring to be a writer who makes stuff up.