Director Michael Bay gave an update regarding Transformers 4:
Transformers 4 Trailer
“It’s not a reboot, that’s maybe the wrong word. I don’t want to say reboot because then people will think we’re doing a Spider-Man and starting from the beginning. We’re not. We’re taking the story that you’ve seen — the story we’ve told in three movies already — and we’re taking it in a new direction. But we’re leaving those three as the history. It all still counts. I met with the writer before I went off to do ‘Pain and Gain’ and we talked about a bunch of ideas. We let that simmer for a bit. He’s been thinking about stuff and now we’re getting back together next week to see what we’ve got and to see if it gels.
[And about the film heading to space:]
I want to go a little off but I don’t want to go too sci-fi. I still want to keep it grounded. That’s what works in these movies, that’s what makes it accessible.”
Director Michael Bay
From what I heard Shia Laebouf isn’t reprising his role as Sam Witwicky: the franchise is set to introduce new characters and focus a bit more on the Transformers.