UPDATE! Michael Bay will be back for Transformers 4 and could start filming late next year

UPDATE: Straight from the horse’s mouth, Michael Bay chimed in over at his official forums saying, “Studio’s are passing rumors but I’m not sure what I’m doing? I know I’m going to do Pain and Gain early spring but that’s it for right now. I’m leaving all my options on the table. I’ve got several Studio meetings in the next two weeks.”

December 7, 2011: So despite insinuating that he would be mulling over other filmmaking possibilities, explode-o-master Michael Bay has somewhat unsurprisingly decided to go back to his very lucrative robot well.

Vulture reports that the director of excess has entered final negotiations to direct TRANSFORMERS 4. Details on the film are being kept under wraps, but it is said to not be a prequel and that “it will delve deeper into Transformers canon to mine older characters and lore.” A Vulture source adds, “Regular people might not care about bringing out a character like Sentinel Prime. But believe me, fans of the series cared.” Bay is hoping to begin shooting the fourth film in the winter of 2012.

As plans for a new TRANSFORMERS begin to take shape, Bay continues assembling a cast for his next film PAIN AND GAIN. Just a couple of days ago, Dwayne Johnson was the latest to be linked to the dark bodybuilder comedy. God, I hope he gets that.