Live Action Transformers Movie?

According to the Hollywood Reporter, quoted by Ain’t It Cool News, producer Don Murphy (League of Extraordinary Gentlemen) and writer/producer Tom DeSanto (X-Men, X2) have partnered to develop a feature-length, live-action Transformers movie. Presently the production is still in the planning stages with no studio support yet, so only time will tell if the project will move forward into actual production.