A lot of Transformers fans rejoiced when last year's Bumblebee came out and rebooted the franchise, but producer Lorenzo Di Bonaventura had iterated recently that a sequel to Michael Bay's Last Knight was in the works. As it turns out, there's no sequel coming, and it's very likely that Bay is done with the franchise.
Talking to /Film, Di Bonaventura was asked if the Last Knight sequel was being worked on, to which he replied with a simple, "No." When it comes to having Michael Bay come back and do another Transformers movie, Di Bonaventura said:
"I think Bay has made it really clear that he loved what he did and he's not doing anymore. So I think the answer is we're writing a script. At that point, once we get script we have a strong belief in, then we'll begin to debate that. Michael's made it really clear that he didn't want to do it. I don't blame him. He spent a hell of a lot, a decade of his life, shooting them."
For now, a sequel to Bumblebee is already in the works, but it's still unclear on whether Travis Knight will be returning to direct. Personally, I loved the smaller scale of the film, and it was great to have transformers that actually looked like their G-1 counterparts.
As it looks, the sequel to Bumblebee is rumored to be a sort of "buddy cop" film with Optimus Prime and Bee. We don't really have anything confirmed yet, but it would be interesting to see this world branch out on its own and be a Transformers for a new generation. Fingers crossed they make a full movie just centered on the War of Cybertron.
No release date has been set for the Bumblebee sequel.
See Also: Bumblebee Sequel Might Be More Michael Bay-Influenced