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http://www.411mania.com/movies/news/139581Deadline.com is reporting that Paramount will not be picking up Megan Fox's option for Transformers 3, and that it was ultimately Michael Bay's decision to drop Fox from the production. Speculation is that this stems from the past war of words in which Fox compared Michael Bay to Hitler. Right now Bay and writer Ehren Kruger are reworking the script to give Sam Witwicky a new love interest.
I don't give a shit how hot she is, she did jack shit for the first film and I bet she was worse in the sequel (it's on my to see list). Good riddence.