Part of me can't believe Transformers has made it to five movies without being rebooted, then again, it's Michael Bay, so anything goes I guess. While we've known about 'The Last Knight' title for some time, many people might not know what exactly it's referring to or why King Arthur and Optimus Prime sharing a film is remotely a rational idea. If you aren't necessarily versed in Transformers lore, it's OK; I thought the idea was dumb too, but there is a reason for it beyond Michael Bay doing whatever the hell he wants.
Back in the 1980's when the Transformers animated series was in its…prime (ha!), there was an episode called "A Decepticon Raider in King Arthur's Court" where some members of the Autobots and the Decepticons found their way into the age of King Arthur via a mysterious cave. The Hollywood Reporter also did a piece on the title of Transformers 5, drawing parallels between themes that both the story of King Arthur and Transformers use.
For instance, the Matrix of Leadership that Optimus Prime carries with him correlates to the Holy Grail as an object that conveys strength and leadership to its owner. Also, given the reveal of the Autobot Hot Rod, this could potentially open up the possibility for the passing of the Matrix of Leadership, mirroring the 1987 film, Transformers: The Movie where (SPOILER ALERT) Optimus Prime is killed by Megatron. Unfortunately, Optimus has died and been brought back to life at least once already in Bay's quadrilogy (or whatever you want to call it), so if Prime does bite the dust, it won't have nearly the same impact.
Transformers 5: The Last Knight releases in theaters on June 23, 2017.
Source: [YouTube via GamesRadar]