"Six Underground", to be produced by Skydance, comes from an original idea from "Deadpool" scribes Rhett Reese and Paul Wernick, according to Variety.
Bay will also produce the project along with Skydance's David Ellison, Dana Goldberg, and Don Granger.
The production on the project will begin soon and it is expected to release next year.
Steven Spielberg, who had earlier chosen Bay for the "Transformers" franchise, is in negotiations with the director for "Robopocalypse".
The films is based on the 2011 science fiction novel by Daniel H Wilson and is about the battle between robots and humans after a robots uprising.