UPDATE: 3/17: Apparently the trades got their information incorrect. Michael Bay has corrected reports that "Transformers 3" is being aimed for a July 1, 2011 release on his website ShootForTheEdit (http://www.shootfortheedit.com) by releasing the following statement:

"I said I was taking off a year from Transformers. Paramount made a mistake in dating Transformers 3 - they asked me on the phone - I said yes to July 4 - but for 2012 - whoops! Not 2011!!! That would mean I would have to start prep in September. No way. My brain needs a break from fighting robots.

Michael"

So does this mean "Transformers 3" will be out in 2012 instead, or will Paramount/Dreamworks work on getting another director for the third "Transformers"?

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Paramount and Dreamworks won't say that they're officially beginning work on "Transformers 3" but they have already staked a claim for its release date: July 1, 2011.

The studios also did not say whether director Michael Bay and stars Shia LaBeouf and Megan Fox are set to return for the third installment in the franchise.

"Transformers: Revenge of the Fallen" will be released on June 24, 2009.