According to the MTV movie blog:
Last week, Michael Bay claimed he would not let his friends at Paramount down as they look forward to a 2011 release date for “Transformers 3.” Speaking to MTV’s Brian Jacks, Hasbro’s CEO talked about what Bay is planning to put returning stars Shia LaBeouf and Megan Fox through once the next production gets underway. The new sequel will focus more on characters and the core mythology from the Autobots and Decepticons’ history.”You’re going to see that great core mythology brought to the fore, and Michael is hard at work at making this a reality and we’re very excited about it,” the series executive producer and Hasbro head Brian Goldner told MTV News. “I mean, I think it’s a great time to put it out in 2011 and we’re very excited about the movie.”
Please read the article for the remainder of Mr. Goldner’s comments about the plans for Transformers 3.