In a post at his official site talking mostly about his efforts to help out in Haiti, Transformers 3 director Michael Bay gave a brief update on the third installment:
Busy scouting - Chicago, Detroit, and Washington D.C. for Transformers last week. Things are going well. The script is feeling very different from the other two.
Paramount has scheduled a July 1, 2011 release for the third film.
Source: Michael Bay
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