Based on a collection of novels written by author James Frey, Bay's production company has picked up the rights to "I Am Number Four", the first in a series of six books about nine aliens who escape to earth before their planet is destroyed, reports imdb.com.
The movie, which has potential to turn into a multi-part series, follows one particular alien who takes the form of a high school student.
The third instalment in the "Transformers" trilogy is yet to come.
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