I think it could be possible. I'm not sure what sort of changes to team distribution went on, but at one point it looked like they had a team for Bayo 2, a team for Korra, and a team for W101/Scalebound. It's possible that some parts of their bigger teams broke off to form the Korra team. And that potentially leaves enough for them to be developing another game alongside Scalebound, like they did with W101. It all depends on the actual scope of this Transformers game though, I've been assuming it's closer in size to Korra than their other games.