Steven Spielberg 'returning' to Transformers franchise

The outlet also reports that Spielberg will work closely with longtime producer Lorenzo di Bonaventura on the upcoming eighth movie, which is being developed from a script set in the modern day.

Michael Bay is also said to be in "early talks" to return as director, having been at the helm of the first five live-action Transformers movies.

It has been reported that no decisions have been made regarding the cast, though Shia LaBeouf is not expected to return as Sam Witwicky.

The new film will also mark the first instalment in the franchise not to feature Peter Cullen as the voice of Optimus Prime, following his death from cardiac arrest in August aged 85.