Bay is reportedly ready to sign a deal to produce and possibly direct the film I Am Number Four.
According to Variety, the Transformers director will delve into the world of aliens with this film, which was adapted from the first of a six-book series. The story follows nine extraterrestrial teens who escape from their planet before it was destroyed by a hostile species. The main character will be hunted by the one responsible for his planet’s annihilation.
Steven Spielberg is also teaming up with Bay for the project, just as he did for the Transformers franchise.
In the meantime, Michael Bay is set to direct the third Transformers film, which is expected to open in July 2012. He is also producing the remake of A Nightmare on Elm Street, which is currently filming and heading theatres on April 16, 2010.