Production for the upcoming 'Transformers 5' is said to begin in May, as reported by My Entertainment World.

Michael Bay has already confirmed that he will return to take on directorial duties for the fifth movie in the 'Transformers' movie franchise. He has also been dropping small hints about the upcoming project, one of which is the new location in which the film will take place.

In an interview with WGN Radio, Bay stated that 'Transformers 5' is likely to be filmed in the streets of Chicago.

Although filming for the highly anticipated sequel will not begin for another few months, both Paramount and Hasbro has already sought to greatly expand the franchise.

"We think there's any number of stories to be told. It's a brand that's been around for 30 years with amazing canon and mythology," Hasbro President and CEO Brian Goldner stated. "We would expect the sequel to the Transformers movie to happen in 2017."

The Hasbro executive also explained that the company plans to retain high brand equity regarding its comic book business along with its TV and digital gaming business to further support future movies for the franchise.

Akiva Goldsman, who previously worked on 'The Da Vinci Code and 'I Am Legend,' has been tasked to lead the "writers' room." Joining Goldsman are Robert Kirkman ('The Walking Dead'), Jeff Pinkner ('The Amazing Spider-Man 2'), Zak Penn ('Pacific Rim 2') as well as Art Marcum and Matt Holloway ('Iron Man').

Actor Mark Wahlberg is set to make a comeback to portray the scientist named Cade Yeager, while Nicole Peltz will reprise her role as Cade's daughter, Tessa. While one of the storylines for 'Transformers 5' will focus on Yeager's journey on land, the other story will place emphasis on Optimus Prime as he searches for his creators, known as the Quintessons.

According to Goldsman, Paramount aims to come up with new 'Transformers' live-action installments that will be interrelated while having stories dynamic enough to have fans satisfied one movie at a time.

"You want to feed the instinct for the short-term gratification and the long-term gratification. So we're trying to do both," Goldsman explained.

In October, Hasbro executive Stephen Davis announced that, aside from the fifth movie, three more installments are already being developed together with a new TV series.

"You're going to see a new Transformers movie coming from Hasbro and Paramount and Michael Bay and our other partners," he shared "We decided that we wanted to plot out the next 10 years of Transformers... Similarly, we are doing the same on television and in digital. So stay tuned, Transformers 5 is on its way, and 6 and 7 and 8."

Meanwhile, after being released in 2014, 'Age of Extinction" has already pulled in over $1 billion at the global box office whereas all four 'Transformers' films combined have made a total gross of over $3.7 billion.

As for 'Transformers 5,' the official premiere date for 2017 is yet to be announced.