Michael Bay is reuniting with his Transformers studio, Paramount Pictures, for yet another movie about aliens.  Heat Vision reports that the Bay and the studio are putting together an untitled alien movie that's being described as a cross between Cloverfield and Paranormal Activity.  While it's difficult to discern any plot details from that, the description hints heavily at a handheld POV narrative device.  Bay is producing along with his Platinum Dunes partners Brad Fuller and Andrew Form.  Bay's former Transformers PA Barry Glickert developed the story and will direct.

On a related note, Bay is also producing Paranormal Activity 2 as well as another visitors-from-outer-space movie with D.J. Caruso's I Am Number Four.  Paramount is also going extra-terrestrial with Cowboys & Aliens, which made a fantastic showing at Comic-Con this past weekend.  The studio is set to release Bay's Transformers 3 on July 1, 2011.