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May 19, 2010 6:45 PM

'Transformers 3' Drops Megan Fox

0519_fox_gettyNewcomers Patrick Dempsey, John Malkovich and Frances McDormand will all be in "Transformers 3" -- but one familiar face won't: Megan Fox.

According to Nikki Finke, Paramount decided not to pick up her option for the third movie ... and that director Michael Bay -- who Fox infamously compared to Hitler -- ultimately made the decision.
(See Megan Fox's Allure shots.)

A new love interest will be cast opposite Shia LaBeouf for the new flick.

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