The filmmaker, who also directed 2010's sci-fi war movie Battle: Los Angeles, is in final negotiations with Paramount to direct the half-shelled heroes' franchise reboot, says The Hollywood Reporter.
Transformers director Michael Bay and his Platinum Dunes partners Andrew Form and Brad Fulle will produce the film based on a script from Mission: Impossible - Ghost Protocol writers Josh Appelbaum and Andre Nemec.
Kevin Eastman and Peter Laird created the Teenage Mutant Ninja Turtles, a group of anthropomorphic reptiles named after Renaissance painters Leonardo, Raphael, Donatello and Michelangelo, with a 1980s comic book series.
Three live-action films, a CGI animated feature film and several TV series followed alongside various toys, video games and other products.
Watch 1990's Teenage Mutant Ninja Turtles below: