UPDATED!! TRANSFORM3RS!! 2011!! Maybe Not...

Merrick again... Michael Bay posted this message on his Shoot for the Edit forums (HERE):

I said I was taking off a year from Transformers. Paramount made a mistake in dating Transformers 3 - they asked me on the phone - I said yes to July 4 - but for 2012 - whoops! Not 2011!!! That would mean I would have to start prep in September. No way. My brain needs a break from fighting robots. Michael

So... 1) Bay will either get paid a lot of money to forgo his brain break... 2) The film will be pushed back a year to 2012... 3) They'll get a new director. I'll now share with you a terrifying concept that just sprang to mind: Ratner! "RATformers!" You can imagine it...you know you can! To be clear, this last option is just me goofing around. I'm aware of NO INDICATION in any way, shape, or form that Bay won't be back.

Merrick here...
Seems Paramount and DreamWorks have staked out July 1, 2011 as the release date for TRANSFORMERS 3. At this time, no "direct competition" exists for the film on this date - which maintains the circa July 4 release established by the first two films in the franchise.

No deals have been inked with director Michael Bay or franchise stars Shia LaBeouf and Megan Fox. Nor has a writer been hired for the third installment.

...says THIS ARTICLE in Variety. Bay's pretty much said he intends to come back, so he'll probably be back. Shia's intentions? Don't know & don't care. Megan? Oh, Megan...