Paramount and Dreamworks have already announced that they will be making a Transformers 3 to be released on July 1st, 2011 or 2012. Michael Bay has not officially confirmed that he will be working on the next film (but this would be very surprising). But Bay did say he needed a bit of a "rest".
According to an article with the LA Times and Ramon Rodriguez (Leo Spitz), the "current" plans for the movie include his character. Rodriguez stated that Michael Bay hinted to him that the third film will have his character playing a much "meatier" role.
The full article can be found
here.
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