Early this morning Bay updated his personal blog:
We are going to shoot in LA, Chicago, Washington DC, Florida, Texas, Africa, Moscow, and China. On the talent front, we just locked in Frances McDormand and John Malkovich. Both amazing actors I've always wanted to work with. We also just got Ken Jeong, he is the super funny actor stuck in the trunk from “Hangover” and the Doctor from “Knocked Up.”
It defies, well, everything right, sensible and just in the world that such a thing should come to pass. McDormand and Malkovich are among the most respected actors of their generation -- true pros who have put together truly impressive bodies of work.
Bay, on the other hand, is an overgrown adolescent pyromaniac who has made progressively dumber films since his debut with "Bad Boys," truth to tell is a guilty-pleasure cable staple.
The casting of Malkovich and McDormand can mean one of only two things: 1) the script for "T3" is unprecedentedly awesome, or 2) both actors are feathering their nests so they can maintain certain lifestyle while making other tiny, arty movies.