Michael Bay’s Transformers 3 will release in 2011

 Conclusion a complete is short of anxiety, director Michael Bay announced Thursday that he will shoot a third "Transformers" film, whose release date has exactly one year to July 1, 2011.

Stars Shia LaBeouf and Megan Fox are slated to return to the Paramount/DreamWorks project, as is Ehren Kruger, the co-writer of this year's hit sequel "Transformers: Revenge of the Fallen." The first two films have grossed more than $1.5 billion worldwide.

Bay wrote on his Web site that he met with George Lucas' ILM effects house in San Francisco Thursday morning, and then flew with Kruger to talk new characters with Hasbro executives in Rhode Island.

"Well, it's official: We have a great 'Transformers 3' story," Bay said on his Web site. "Today is Day One."

Paramount's summer 2011 is shaping up to have four tentpoles: Marvel features "Thor" and "First Avenger: Captain America" bow May 20 and July 22, respectively. And the DreamWorks Animation sequel "Kung Fu Panda: The Kaboom of Doom" hits theaters June 3.