The fourth film in Paramount's Transformers franchise will be released June 29, 2014, director Michael Bay announced Monday on his website.

Bay also has signed a two-picture deal with Paramount; his first project will be the Mark Wahlberg bodybuilding film Pain and Gain, followed by the Transfomers movie.

The third installment in the franchise, Transformers: Dark of the Moon, was released last summer in 3D and grossed $1.1 billion worldwide. Bay will direct the fourth film based on the Hasbro toy line. Also returning are producers Lorenzo di Bonaventura, Don Murphy, Tom DeSanto and Ian Bryce. Steven Spielberg, Bay, Brian Goldner and Mark Vahradian will executive produce.

Di Bonaventura told MTV News that the film would be a "reboot" of the franchise and that none of the cast of the original three movies are signed for the project. It’s likely that he and Bay would create at least a few new characters for the film, according to Di Bonaventura.

“It’s a hybrid because there’s still continuity going on, and there will be a lot of new cast,” he said. “Whether there’s anybody from the first cast, we don’t even know yet. But it’s going to be a whole new story.”

Pain and Gain is based on a true story and centers on a group of bodybuilders engaged in a campaign of kidnapping and murder in Florida. The film will also star Dwayne Johnson; it is expected to begin production in early spring. Bay, Donald De Line and Bryce are producing.

“Michael has been working on Pain and Gain for a number of years but has patiently waited for the perfect casting to trigger a start," said Adam Goodman, president of Paramount Film Group, in a statement. "Clearly his patience has paid off as we couldn't be more excited about this combo. His passion for this project is just awesome."