Bay will direct Transformers 4 for Pain and Gain
It would seem that the director doth protest too much, for after all the denials and the comments about being done with the Transformer series it could well be that Michael Bay is set to return to direct the fourth film.
However, let's not be too hard on the man, for the rumour is that it's not that he's sold out for money or was lying when he said that, but he's been enticed back in order to get the film he wanted to make a production deal.
You may remember that Michael Bay was hoping to direct a small film called Pain and Gain before he went to the third film in the franchise Transformers: Dark of the Moon, but that project took his time and his small film got pushed out. Afterwards he was pretty firm that he was moving on and that his own work was now back on his to do list.
However it would seem, according to N.Y. Magazine's Vulture through Collider, that Paramount are making a deal with him as we speak. They will green-light his film Pain and Gain, allow him to make it through them, and then they'll get him to make the fourth Transformers film.
There's nothing else on the fourth Transformers as yet, but the most important thing for Paramount is to get Michael Bay back on board and then let him take it from there.
Of course Bay could find the financing for Pain and Gain himself, perhaps even finance it with his own money and not even take a hit, but with a big studio offering to do all the work behind it and perhaps relinquish all creative control over to him, there's surely no question there.
I would suspect though, since it's his own project, he will want full control, but Paramount won't be bothered about that if they are getting a fourth Transformers out of him, after all it is a guaranteed huge earner for them, and for Bay.
While it would have been good to see the project move on and perhaps evolve a little with different directors, you can't argue the track record of Bay on the project however much you like the films or not. He's delivered what the studio want and make a film that delivers a huge amount of cash. Why would they not want him back? Taking a risk with a new director would be, well, a big risk of that potential box office revenue and of the ongoing franchise opportunities.