Talking with Entertainment Weekly recently, director Michael Bay was briefly questioned about sequel possibilities and what he's doing next. Here's an excerpt:

How are you sitting with the idea of directing another Transformers movie?
Let's see how this one does. I've got a lot of ideas for the next one. There's a lot of really cool, big robot stuff that I had in my head that we didn't do. I just want to see how this works. You might not grow as much as a director [to do a sequel]. But it's kind of like you have your baby and you don't want someone else to take it.

So, hypothetically, if you were to take on a Transformers sequel, would it be your next film?
I don't know if it would be ready. It just takes so long to do a script. A couple things are on the horizon, but [maybe] I'll do my little movie that I can knock out, because we all think we're going to have a strike.

What is it?
Pain and Gain. It's a true story, happened in Florida. Just love the characters. It's these guys who work at a gym, and nothing's good enough. They're all looking for the American Dream, and they end up kidnapping. It's like a mixture of Fargo and Pulp Fiction, but it's all true. And they're knuckleheads. The whole point is no one's happy with what they've got. It's a fun character piece. No action. One car crash.