Over a year and a half ago Universal Studios and Hasbro announced that they planned on creating a Transformers attraction for their parks. Now that the Harry Potter theme park is complete, that is much closer to reality with new images showing that Transformers: The Ride is under construction at Universal Studios Hollywood.
Westcoaster.net has posted multiple images that show off the construction site but so far it is in very early stages so the site is really just a sign and the skeleton of a building that I think is being torn down to make room for the Transformers attraction. (via PrimeSuspect)
Update: Click here to view a short video from last month of the same location, taken before they started tearing down the building. Based on the notes, the ride is expected to be completed by 2012. Apparently Transformers is taking over the space were the Backdraft and Special Effects attractions use to be. The FX attraction is moving to the location of the now defunt Fear Factor attraction.