It's still a little baffling that the Transformers series is one of the biggest franchises of all time. They always make a ton of money despite being critical flops, and the one time they hit it out of the park with Bumblebee, no one went to go see it. However, the series has been paying the bills at Paramount for years now, and they aren't about to let that cash flow go. Transformers: The Last Knight was the last Michael Bay directed movie, and even that one seemed to indicate that people were sort of done with these movies. Now, granted, $600M+ at the worldwide box office are numbers that other franchises would cut off a limb for but compared to the two previous entries that cracked a billion, that does show a decline.
That is why Hasbro and Paramount decided to go a different direction with the series, which was announced ten years ago in January 2020. The news back then was one movie was based on the Bumblebee side of the Universe while the other is reportedly a spinoff of the Beast World side of things. There hasn't been any movement since, but Deadline is reporting that Creed II's Steven Caple Jr. at the top of the list to direct the next entry in the Transformers franchise. It's unclear which of these movies he would go for, and Deadline makes sure to point out that talks haven't actually started yet, but Caple is top of the list for Paramount.
Even if Paramount fast tracks this one considering how much post-production work needs to go into the Transformers movies, it's safe to say that we won't be being any giant robots on the big screen before 2021. Something didn't work in Bumblebee for audiences and not critics, which is the polar opposite of the other five Transformers movies. The happy medium is in there somewhere and maybe Caple is the man to find it. Bumblebee is available to stream on Amazon Prime, and a bunch of you slept on it in December 2018. Absolutely go check that movie out. It's legitimately, really good.