The word is, according to Michael Bay himself, that the studio is dragging their heels with a Transformers (Filmstalker review) sequel, and with that Bay is off.

It seems that Michael Bay is not one to hang about and would rather be working, and so he may well try and get another film made before the studio get into gear.

According to the man himself on the Shoot For the Edit Forums he says:

“Transformers 2', well that's another story. Iching [sic] to work pre-strike (June) so I might jump ship and come back a year or so later cause people at the studio have been dragging for two months. Not sure why. I'll keep you informed.”

The comments on Shoot For the Edit come through Superhero Hype, and they are from Michael Bay himself.

Well, you have to give the man credit for wanting to keep working, it's not as if he has to. We'll have to wait to hear what happens on the Transformers sequel, but it might turn out to be a good thing for the film to be delayed and for Bay to go and work on something else.