'Transformers 4' and Michael Bay a Done Deal

Eager fans of Optimus Prime will be thankful to hear that plans for a fourth installment of the hit movie series "Transformers" are already in the works.

Michael Bay, the 46-year-old director, made the announced on his website Monday. He stated that he had just signed a two-picture deal with Paramount Pictures

"There has been a lot of speculation about what I'm going to do next and when or if I will do another 'Transformers,'" Bay wrote on his website.

"I have just concluded a deal with Paramount to do two movies, but it won't be two 'Transformers,'" he continued. "I will first do 'Pain & Gain' with Mark Wahlberg and Dwayne 'The Rock' Johnson. Then I will do the next 'Transformers' for release on June 29, 2014."

So fans will have plenty of time trying to figure out where the story will go, especially considering that the movie series is the fourth highest-grossing series ever, having earned $1.24 billion worldwide.

But there are already rumors swirling around the entertainment industry that lead actor Shia LaBeouf will not be around for the fourth film.

Lorenzo Di Bonaventura, the film's producer, has remained quiet when asked about various casting rumors.

There had been talk that English actor Jason Statham could be under consideration for the starring role. But Di Bonaventure quickly dismissed any rumors at this time.

"No, it's so silly," Di Bonaventure told MTV. "We gotta get a story first. You can't pick characters until you have a story."

Statham already has ties to the movie series. He has been tied to English actress Rosie Huntington-Whiteley, who joined the film's third installment, "Transformers: Dark of the Moon" after former leading lady Megan Fox was dropped.

Shia LaBeouf was featured as the star in all three previous Transformers films, but told MTV last June, "I'm not coming back to do another one."