Here's what's up in Hollywood today:

• Michael Bay's "Transformers: Revenge of the Fallen" has officially crossed the $300 million mark. The action sequel pulled in $5.7 million Tuesday, lifting its domestic total to $305.5 million. "Fallen" is currently ranked No. 29 on the list of all-time domestic grosses. "Ice Age: Dawn of the Dinosaurs" led Tuesday with a daily gross of $7 million.

• Gary Ross is set to rewrite Sam Raimi's upcoming sequel "Spider-Man 4." James Vanderbilt and David Lindsay-Abaire have already worked on the script for the fourth installment, which is expected to hit theaters May 6, 2011. Ross also directed "Pleasantville" and "Seabiscuit." (The Hollywood Reporter)

• EW reports Cameron Diaz is in talks to join Seth Rogen in Michel Gondry's upcoming "The Green Hornet." Rogen and Evan Goldberg wrote the script, which follows the adventures of Britt Reid, who inherits his dad's newspaper and fights crime as a masked hero at night. Diaz is currently on-screen in "My Sister's Keeper." Watch out for her in "The Box" later this year.