Megan FoxIt's true -- Megan Fox will not return to 'Transformers 3' as Shia LaBeouf's love interest. But that doesn't mean the actress got fired.

"Megan Fox will not be starring in 'Transformers 3.' It was her decision not to return. She wishes the franchise the best," reps for FOX tell PEOPLE.

Earlier, a studio spokeswoman confirmed to Variety that Paramount decided against picking up Fox to star as Mikaela Banes in the third installment but declined to elaborate. Sources claim they will be casting a new female lead to star opposite LaBeouf in the upcoming movie.