The movie is a found-footage project produced by the Transformers helmer and his Platinum Dunes colleagues Andrew Form and Brad Fuller.
Almanac's plot is a closely-guarded secret, but it has been confirmed that Dean Israelite will make his debut as a feature director on the venture, The Hollywood Reporter states.
Andrew Stark and Jason Pagan are at work on a screenplay for the film, which Paramount is said to be "aggressively" moving forward with.
Meanwhile, Bay is at work on a fourth entry in the Transformers series. The director recently confirmed that the film will be set directly after the events of Transformers: Dark of the Moon.
Almanac is yet to be assigned a release date.
Watch a trailer for Michael Bay's Transformers: Dark of the Moon below: