Bay signed a two-picture deal with the studio, which begins with "Pain and Gain," and includes the fourth installment in the "Transformers" series.
Production on "Transformers 4" will begin after "Pain and Gain," his feature film starring Mark Wahlberg and Dwayne "The Rock" Johnson, is completed.
Bay isn't the only returning member of the "Transformers" team. Paramount said also on board will be producers Lorenzo di Bonaventura, Don Murphy, Tom DeSanto and Ian Bryce; and executive producers Steven Spielberg, Bay, Brian Goldner and Mark Vahradian.
As for "Pain and Gain," a passion project for Bay, the film will follow "a group of bodybuilders who engaged in a campaign of kidnapping, extortion and murder in Florida," based on a true story, Paramount confirmed.