Toymaker Hasbro's popular Transformers - which include characters Optimus Prime and Megatron - will soon be seen on the silver screen.

DreamWorks, co-founded by Steven Spielberg, will oversee the live-action movie, scheduled for release in summer 2006, it was announced Friday.

"Steven and everyone at DreamWorks are very excited about the prospect of expanding the world of Transformers into the live-action feature film arena. The possibilities for a thrilling action adventure are virtually endless, and a film holds the definite promise of expanding an already worldwide fan base to new audiences," Adam Goodman, DreamWorks head of production, said in a statement.

IGN FilmForce has learned that the live-action feature film version of The Transformers will indeed be a DreamWorks project, which confirms rumors that appeared online earlier this week. DreamWorks Pictures has inked a deal with toy king Hasbro to make The Transformers; Paramount Pictures will handle the foreign rights. Also confirming earlier Web buzz, DreamWorks honcho Steven Spielberg did indeed use his personal relationship with Hasbro founder Alan Hassenfeld to bring The Transformers over to DreamWorks.

Even better, Hasbro and DreamWorks have agreed to get Transformers going very quickly, with a 2006 release date already set!

Furthermore, G.I. Joe producer Lorenzo DiBonaventura may become involved with the project in some capacity on behalf of Paramount. Don Murphy and Tom DeSanto are already onboard to produce Transformers. Expect the trades to confirm this report sometime very soon.

IGN FilmForce has been able to sneak a peek at a press release which includes quotes from producers DeSanto and Murphy. "Like X-Men, Transformers offers an amazing mythology with all the elements to create a successful ongoing franchise, iconic characters, global themes, and a world that has never been seen before on screen," said DeSanto. "We hope that this will be the first in a franchise that is embraced by fans and newcomers alike."