Travis Knight, who directed the stop-motion movie "Kubo and the Two Strings", is helming the project from Christina Hodson's script.
Bumblebee is the yellow and black striped Autobot that appears as one of the main characters in the 'Transformers' film series.
If the deal gets finalised, Steinfeld will play a tomboy who also holds a job as a mechanic after school, according to The Hollywood Reporter.
It is scheduled to release on June 8 next year.
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