We present the results of X-ray observations of four bright transients sources detected in the July 2004 XMM-Newton observations of the central bulge of M31. Two X-ray sources, XMMU J004315.5+412440 and XMMU J004144.7+411110, were discovered for the first time. Two other sources, CXOM31 J004309.9+412332 and CXOM31 J004241.8+411635, were previously detected by Chandra. The properties of the sources suggest their identification with accreting binary systems in M31. The X-ray spectra and variability of two sources, XMMU J004144.7+411110 and CXOM31 J004241.8+411635, are similar to that of the Galactic black hole transients, making them a good black hole candidates. The X-ray source XMMU J004315.5+412440 demonstrates a dramatic decline of the X-ray flux on a time scale of three days, and a remarkable flaring behavior on a short time scales. The X-ray data on XMMU J004315.5+412440 and CXOM31 J004309.9+412332 suggest that they can be either black hole or neutron star systems. Combining the results of 2000-2004 XMM observations of M31, we estimate a total rate of the bright transient outbursts in the central region of M31 to be 6-12 per year, in agreement with previous studies.
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