"Transformers 5" is happening as promised by Edward Ryan, Paramount Pictures International's senior vice president, during a conference in Spain in June last year, as reported by The Hollywood Reporter.

The latest news on the latest "Transformers" movie is focused on whether or not Michael Bay will be returning to the director's seat.

Several rumors stated that Bay won't be directing "Transformers 5," but new reports point out that the acclaimed director will indeed be back for the film, as confirmed by an official writer of the movie script.

It was also hinted by actor Mark Wahlberg during an interview with Collider that Bay will come back to take the lead.

When asked about updates on the new "Transformers" movie, Wahlberg replied that writers have started working on the script. He also mentioned that he and Bay will "get together" once shooting of "13 Hours: The Secret Soldiers of Benghazi" wraps up.

In the same interview, Wahlberg was also asked if Bay will eventually direct the film, to which he replied a flat out "Yes."

Since the trailer for Benghazi has been released, it could only mean that Bay will be ready for "Transformers 5."

Meanwhile, the speculation about Bay dropping off his role in the movie project was not the only rumor surrounding the fifth "Transformers" movie; it was also initially reported that Wahlberg would not be returning for the film.

However, the actor himself put those speculations to silence when he said in an MTV interview that he will indeed come back, stating that he's "committed" to more "Transformers" movie.

Movieweb reported that scriptwriters are now busy with pitching the storyline for the movie. Not a lot of details about the movie plot have been given away as writers have just begun working on it.

The team will be led by Akiva Goldsman and will include geniuses such as "Daredevil's" Steven S. DeKnight and "The Walking Dead's" Robert Kirkman.

"Transformers 5" doesn't have a fixed release date yet, but the movie is expected to come out in 2017.