Paramount Pictures has picked up a film for Michael Bay to produce and possibly direct. There's no title for it at this point, and all that's been revealed about the plot is that it's "a real science adventure thriller with an undersea component."
Tom Wheeler (Puss in Boots, B.O.O.: Bureau of Otherworldly Operations) and Robbie Thompson (Supernatural) have been hired to write the script.
Bay is currently working on bringing us Transformers: Age of Extinction. If he takes on the directing duties of this new film, I'm sure it will be fun. Bay is great at creating eye-candy for the audience, but not much else. That's his only concern as a filmmaker… eye-candy.