Ahoy, squirts! Quint here. So, Lorenzo di Bonaventura did an interview with Josh Horowitz at MTV (video below) where he confirmed that Michael Bay is in fact on board to direct Transformers 4, which was a serious question after Bay repeatedly said the third one was his last. Then he became the highest paid director in the world for his work on these movies and probably changed his mind a little bit.
Anyway, Lorenzo says Transformers 4 is a reboot, but it'll still have continuity with the first three, just probably not the cast. Back in my day we called that a "sequel."
But I get it. New cast, new hotties, more epic crazy action... no renegotiating actor's salaries, etc. What I'd love for them to do is use this an excuse to focus on the robots a bit more. You don't need 40 minutes of Shia's parents now. If Bay can give the robots a little more spark (ha-yuck-yuck-yuck) and development I think his style could actually produce a kickass big budget spectacle. Already the last 40 minutes of the last film was on the right track.
Anyway, here's the interview: