Michael Bay Directing 'Transformers 4,' Release Date Set For 2014

Shia LaBeouf, Rosie Huntington-Whiteley and Michael Bay wave to fans at the 'Transformers: Dark of the Moon' stage greeting at Osaka Station City Cinema in Osaka, Japan, on July 16, 2011 -- Getty Images

"Transformers 4" is officially on.

The next installment in the franchise is set for release on June 29, 2014 and will be helmed once again by director Michael Bay, Paramount confirmed on Monday night.

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Bay signed a two-picture deal with the studio, which begins with "Pain and Gain," and includes the fourth installment in the "Transformers" series.

Production on "Transformers 4" will begin after "Pain and Gain," his feature film starring Mark Wahlberg and Dwayne "The Rock" Johnson, is completed.

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Bay isn't the only returning member of the "Transformers" team. Paramount said also on board will be producers Lorenzo di Bonaventura, Don Murphy, Tom DeSanto and Ian Bryce; and executive producers Steven Spielberg, Bay, Brian Goldner and Mark Vahradian.

As for "Pain and Gain," a passion project for Bay, the film will follow "a group of bodybuilders who engaged in a campaign of kidnapping, extortion and murder in Florida," based on a true story, Paramount confirmed.

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