Director Michael Bay is going to continue capitalizing on his hit franchise, "Transformers," and is setting out to make a fifth one. According to Gospel Herald, the fifth installment of the robot franchise will be released in 2017, as confirmed by Hasbro CEO Brian Goldner in the 2015 Q1 Earnings Conference Call.

He said during his speech, "Our plan with the studio and filmmakers you may have heard some writers being hired and we have in fact brought in Akiva Goldsman to lead a group of writers to really create a strategic plan around Transformers. We think there are any number of stories to be told from the brand that has been around for 30 years with amazing canon and mythology. We would expect the sequel to the Transformers movie [TF4] to happen in 2017."

Shooting has not yet begun but here are a few spoilers about the film:

1) Michael Bay will not be directing the film. John Leibesman, his protege who already has "Teenage Mutant Ninja Turtles" under his belt, is the most likely contender as the one to helm the fifth installment. There are also other rumors that Bay is going to be back for another round of autobot action but that remains to be seen.

2) Whether or not he will helm the fifth installment, producers are still keen on Bay to work as a consultant in the "writer's room. According to Venture Capital Post, even though the last few films tanked critically, they still earned huge amounts at the box office because Bay "knows the formula that has gotten Transformers movies running past the billion marks."

3) Movie News Guide noted that there may be a possibility for Megan Fox to reprise her role as long as she will be acting alongside her onscreen partner in the original film, Shia LaBeouf. Unfortunately, Shia doesn't seem to be too keen on returning.

4) Master Herald reported that Peter Cullen, who serves as the voice of Optimus Prime requested that the films go back to its previous, simplistic plot lines as the last installment proved to be too complicated for kids and younger viewers.

5) Finally, there is also the possibility that the next installment is set to take place in outer space. However, many of the scenes will still be set on earth, thus explaining the return of Mark Wahlberg.

What do you think of these "Transformers 5" updates? Check out the fan-made trailer below: