According to IGN, Michael Bay is stepping down from the Transformers director's chair. Instead, Bay will be directing a drama based off of the novel "Thirteen Hours: A Firsthand Account of What Really Happened in Benghazi" by Mitchell Zuckoff. The film will be a Paramount Pictures production. Stay tuned for more Transformers 5 news as it happens.
UPDATE: This news has turned out to be actually not confirmed and Bay has still made no statement on his continuation with the franchise.
Apologies for the lack of posting since Transformers 4 came out.