Michael Bay has signed on to direct a fourth Transformers film, it has been confirmed. The filmmaker, who directed the first three instalments of the franchise said he was working on "a whole new re-imagining of Transformers".

He added he had been working on an idea with executive producer Steven Spielberg for the past few months. An official statement from Paramount Pictures said the new film would be released on 29 June 2014.

The third and most recent instalment of the franchise, Transformers: Dark of the Moon, was released last year and saw US actor Shia LaBeouf reprise his role as Sam Witwicky. Paramount said it was the fourth highest worldwide grossing film of all time taking $1.12bn (£713m) at the box office. However, it is thought the majority of the cast, including LaBeouf, will not return for a fourth film.

The new project is part of a two-film deal Bay has signed with Paramount, which will see him first direct a black comedy titled Pain and Gain. Starring Mark Wahlberg and Dwayne "The Rock" Johnson, filming is due to start at the end of March.

The director also hinted he may direct a TV series, saying: "I might jump onto a very cool television show my company Platinum Dunes is selling to a major cable network. "It might be my first pilot I might potentially direct. We are still working out the details of the deal."

Bay's past work includes the war film Pearl Harbour and Armageddon, both starring Ben Affleck.