Now that Michael Bay is out of the director's chair for "Transformers 5," speculations have been going around as to who would replace him to push the movie franchise forward. Latest reports say that "Teenage Mutant Ninja Turtles" director Jonathan Liebesman is set to take the reins from Bay, Inquisitr reports.

If the news is true, Liebesman is bound to face a whole new level of challenge in making the fifth "Transformers" film. Inquisitr pointed out that the movie is rumored to revolve "entirely on Cybertron with no humans in sight, which might explain the lack of confirmations for any of the 'Transformers 5' cast."

Bay, who was the producer of the 2014 reboot movie "Teenage Mutant Ninja Turtles," revealed back in August that he won't be directing the next "Transformers" film.

"There's kind of a new chapter, a new direction in movies I want to make," the director told USA Today. "I have a lot of stories to tell. And it's about flexing new muscles." Bay is currently developing a documentary about elephant poaching.

The director also discussed what it is like making the "Transformers" movies, which he directed in 2007, 2009, 2011, and 2014. According to Indie Wire, Bay admitted, "There's a lot that's unexplored, but that's for the next director to figure out."

"They're hard movies to do and it takes every day for two years. They're fun, but they're hard," Bay added, as quoted by Indie Wire. Despite stepping down as the director of "Transformers 5," Bay will still oversee pre-production and the casting of the film, Inquisitr noted.

Speaking of casting, there are on-going rumors that Dwayne Johnson and Bruce Willis are in talks for a possible "Transformers" and "GI Joe" crossover. However, Inquisitr stated that the two actors could just be providing their voices for the CGI characters in "Transformers 5."

Reports have been going around that the film will revolve around the Predicons, not the Autobots and Decepticons, Air Herald noted. There are also rumors that fan favorite, Optimus Prime, will return. He'll allegedly be joined by Red Alert, Override, and Ultra Magnus. Also rumored to be onboard are Scourge, Blitzwing, and Cyclonus. Maximals and Dinobots might also make an appearance.

All of these are not confirmed yet by film distributor Paramount Pictures.

Paramount Pictures International SVP Edward Ryan, however, confirmed that "Transformers 5" is slated to be released in theaters on June 24, 2016. Cinema Blend reports that the production company hired Ehren Kruger to write the screenplay of the movie.