Dreamworks has teamed with Paramount and toy company Hasbro to develop a live-action film based on "Transformers," according to Variety.com.  "Transformers" was a popular animated TV series, comic book, and line of toys in the '80's that featured robots that transformed (clever, huh?) into everything from dinosaurs to trucks to giant mutant insects.  Steven Spielberg is on board to produce.

The article says that producers are aiming for a summer 2006 release.

All creative development, merchandising, and marketing will be handled by the production team in close association with Hasbro and Takara, the Japanese company that manufactured the "Transformers" toys when they were popular in the 1980's.

No word on director or casting yet.