Netflix's loss may well be Transformers fans' gain, however. Bay is currently in discussions with Paramount about returning to the giant robot franchise that he launched back in July 2007. In total Bay directed five movies in that series over 10 years, ending with Transformers: The Last Knight in 2017.

Fast and Loose has been in the works since before Smith’s slap of Chris Rock at the 2022 Oscars ceremony. THR previously reported that David Leitch had exited the project the week before the infamous Academy Awards telecast to start work on The Fall Guy, the Ryan Gosling-Emily Blunt action-comedy feature that Universal released last year.

Will Smith and director Michael Bay were meant to re-team for Netflix's Fast and Loose, but have since parted ways.