The short answer is probably not. The long answer is it is way too soon to know. However, that has not stopped MovieWeb from posting their "exclusive" that Hollywood great Steven Spielberg "may" direct Transformers 4. Spielberg is the Executive Producer of the three Transformers films so he has at least the basic knowledge to easily take up were Michael Bay leaves off. Don't get excited though, this "information" comes from Tyrese Gibson who was suggesting this hypothetical scenario.
If Michael Bay decides to come back for Transformers 4, I'll be there. We'll make it happen. (Right now), I think we are all exhausted with the process. If this movie does what we are all assuming it's going to do, then, I think it’s time to revisit this conversation. When it's time. There are no concepts, no direction, no nothing for Transformers 4, because everyone has been so focused on Transformers: Dark of the Moon. But here is the safety net. Are you ready for this? Michael Bay decides to not come back for Transformers 4. There is always Steven Spielberg! I am not saying that Steven Spielberg is for a fact going to direct Transformers 4. But it is a beautiful safety net to know that one of the biggest, most respected directors in the world happens to be an executive producer on Transformers. He is someone who knows this world. And he could easily step in and direct Transformers 4 if he decided to. The thing is, there are a lot of directors who deal with producers who happen to not be Steven Spielberg. So if the director decides to bow out of their film, they are sent scrambling. "Who can we get to direct this?" What a hell of a safety net this is if Michael Bay decides not to come back. Steven Spielberg could easily step in and make it happen."While I like the idea, I just don't see it happening. While Spielberg isn't opposed to directing sequels, it is always sequels to his own movies not someone else's. Nor do I see him wanting to wade in the waters of the comparisons between how he does Transformers vs. Michael Bay which has no chance of going well for one of them. From a money perspective he doesn't really stand to gain. While Bay might clear $75 million plus from this film, that is probably smaller than what Spielberg and DreamWorks will get. A quote from an EW interview on Super 8 comes to mind, "When I started out as a TV director, my pie-in-the-sky dream was to make a little movie that would get some notoriety, and then [the late Bond series producer] Cubby Broccoli would call me and ask me to direct the next James Bond picture. But I could never get Cubby Broccoli to hire me—and now, sadly, they can’t afford me." If Spielberg isn't willing to lower his cost to direct a dream job, he is sure isn't going to bother with Transformers. Any case, until the first week or two of box office numbers come in, Transformers 4 is not even on the table.
Back to Tyrese, he also spoke about the infamous Twins from the Revenge of the Fallen.
"I never liked those characters, and I am glad they're not back. I think that every nationality in the world deserves to walk out of a movie and still feel good about themselves. I think it's a responsibility to the fans. I just didn't like some of the things they were saying, and the way they were going about whatever it was they were doing in that film. To be honest, I didn't think that they added to the movie at all. I guess (Michael Bay) was just feeling something out. Moving on, we're here now. Let's go ahead and close it out. We'll close it out with Trans3: Dark of the Moon!"