Netflix's loss may well be Transformers fans' gain, however. Bay is currently in discussions with Paramount about returning to the giant robot franchise that he launched back in July 2007. In total Bay directed five movies in that series over 10 years, ending with Transformers: The Last Knight in 2017.

Michael Bay is reportedly in talks with Paramount for a Transformers reboot after leaving Netflix’s 'Fast and Loose'.

EXCLUSIVE: Netflix is back out looking for a director for Fast and Loose, after Michael Bay and Will Smith were unable to bridge creative differences and Bay shook loose of the film Wednesday. Fast and Loose will star Smith as a man who wakes up in Tijuana with no memories.