One of the keepers of Michael Bay’s official site got word on where things stand with the inevitable Transformers 3:

I spoke to Michael today and he had a little update on his future projects:

• He will be meeting later this week with Steven Spielberg, and Ehren Kruger to discuss ideas for Transformers 3. By the end of the week he should have an idea if Transformers 3 will hit your local cineplex in the summer of 2011 or 2012.
• In the meantime “Pain & Gain” is looking very possible as is…
• …Bad Boys 3. Either film coming to a theater near you before or after Transformers 3.

What’s Pain & Gain? It’s a “small movie” that Bay had talked about doing before another Transformers, based on this lengthy article. Doesn’t really sound like a Michael Bay kind of a movie, but the man’s allowed to stretch, right? He might not be able to, but he’s allowed.