Michael Bay is set to return as director of Transformers 4! Producer Lorenzo di Bonaventura confirmed the 2014 release date and reveals that Bay will return to direct a "reboot" of sorts of the franchise.
Here is what Bonaventura had to say:
Michael's going to direct it and it will be in the summer of 2014. He's a cool customer, he's excited and I think the challenge there is that we are really are going to do a reboot and what that's going to be we don't even know yet.
He also responded to the rumors about Jason Statham's involvement:
No, it's so silly. We've got to get a story first.
He went on to say,
It's a hybrid. I'm not involved with Spider-Man, but what I perceive Spider-Man to be is a redoing of the whole thing. It's [Transformers] not. It's an evolution, there's still continuity that's going on and yet there will be a lot of new cast and whether there will be anyone from the old cast we don't even know yet. It's going to be a whole new story. The characters who will come along will be Optimus and Bumblebee I'm sure.