The duo is reuniting after their upcoming 'Pain And Gain', and Bay is looking forward to working with Wahlberg.
"Mark is awesome. We had a blast working on 'Pain And Gain' and I'm so fired up to be back working with him. An actor of his calibre is the perfect guy to re-invigorate the franchise and carry on the legacy of 'Transformers'," Bay said in a statement.
"Transformers 4", the latest in the popular sci-fi action series, will hit theaters June 27, 2014.
The shooting will begin in spring 2013.
To be produced by Paramount Pictures, a division of Viacom, Inc., the movie will be distributed in India by Viacom18 Motion Pictures.
Bay's first "Transformers" film was a box office sensation in 2007, as it earned over $700 million worldwide.
Second instalment titled "Transformers: Revenge Of The Fallen" (2009), grossed more than $830 million worldwide,
And in 2011 came third movie in the franchise. Titled "Transformers: Dark Of The Moon", it grossed over a billion dollars.