Paramount Pictures also confirmed that Christopher McQuarrie's One Shot will arrive in theatres on December 21 this year, while its zombie project World War Z has been delayed until June 2013.
Wrath of the Titans director Jonathan Liebesman is expected to helm the live-action Ninja Turtles reboot for Paramount.
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.
The Teenage Mutant Ninja Turtles franchise began as a comic book in the 1980s and spawned several TV series, three live-action films, one CGI animated feature and various toys and other products.
Paramount's Teenage Mutant Ninja Turtles will be released in US theatres on December 25, 2013.
Watch 1990's Teenage Mutant Ninja Turtles below: