The Transformers director was criticised by a contingent of Ninja Turtles fans when he recently announced that the creatures will be aliens in the 2013 film reboot.
Robbie Rist, an original Ninja Turtles voice actor, also spoke out against Bay's decision and accused the producer of "sodomising" the series.
Bay responded by asking the TMNT fanbase to "take a breath, and chill". He also promised that he would be working with the franchise's original creative team on the new movie.
Teenage Mutant Ninja Turtles co-creator Laird, who sold his ownership of the franchise years ago, has now weighed in on the controversy on his blog by urging fans not to rush to judgement.
"I would actually encourage TMNT fans to swallow the 'chill pill' Mr Bay recently suggested they take, and wait and see what might come out of this seemingly ill-conceived plan," Laird wrote.
"It's possible that with enough truly creative brainpower applied to this idea, it might actually work. I'm not saying it's probable, or even somewhat likely… but it IS possible."
Laird went on to suggest that the new backstory could provide the chance to introduce new Ninja Turtles.
"The reason I say it could be a 'genius' idea is that - for the first time - someone has come up with a way to have as many freakin' Turtles as they want," the writer explained. "I mean, if the TMNT are actually members of an alien race, there could be a whole PLANET of them!"
Laird and Kevin Eastman famously published the first Teenage Mutant Ninja Turtles comic book in 1984. Four television series and four feature films followed.
This latest film reboot will be directed by Jonathan Liebesman, with Bay producing.
Teenage Mutant Ninja Turtles will open in US cinemas on December 25, 2013.
Watch a 1990s Teenage Mutant Ninja Turtles movie trailer below: