Movie director Michael Bay, known for the heavy incorporation of explosions and special effects in his films, has signed on to direct the his fourth Transformers film, Paramount studios announced Tuesday.

According to the Hollywood studio, the film, which currently has no set title, cast, plot or writer, will be released on June 29, 2014. Steven Spielberg is also signed on to produce the movie and will be meeting with Michael Bay soon to flesh out the details, according to JoBlo.com.

Michael bay is signed on to a two-film deal with paramount, and will be filming a passion-project this summer titled Pain and Gain, with Mark Wahlberg and Dwayne the Rock Johnson attached, according to Deadline.com. The film, which should cost less than $25 million to produce, is based on the true story of two body builders who kidnap, extort and murder on the side when they're not pumping iron. Production begins this April in Miami.

Although Paramount was planning to distribute a press release regarding the new sequel to the highly lucrative Transformers series today, movie producer Lorenzo di Bonaventura accidentally spilled the beans on Feb. 13 at a toy fair during an interview with MTV. According to Bonaventure, the film will start a new story line, rather than pick up where the last one left off.

 Yeah Michael's going to direct and it'll be releasing in the summer of 2014, he told MTV. We're excited and I think the challenge there is we really are going to do a reboot and what that's going to be we don't even know yet. (Watch the rest of the interview below).

Despite increasingly negative critical responses to the films (last summer's Transformers: Dark of the Moon received a 35 percent approval rating on RottenTomatoes.com) the films are still extremely lucrative, and the previous Transformers film grossed one billion dollars worldwide, according to TotalFilm.com. It is still unknown whether Shai LeBouf, who starred in the first three films, will appear in the fourth, but according to EmpireoOnline.com he has expressed that he is not interested in returning to the franchise.

Twitter users quickly took up the news, causing Transformers 4 to trend worldwide on the social media website.

A fan of the franchise who goes by the twitter handle @obeydeeztweets wrote, Woke up on Valentine's Day to the most romantic news of all: there's going to be a Transformers 4 :-].

Vulture ,the culture pages of New York Magazine responded to the news with a suggestion for the unnamed film's title, tweeting, Transformers 4 is all set. Please call it Trans4mers. PLEASE.

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