The comic book adaptation will film in Vancouver from late summer or early autumn of 2012, reports The Province.
Based on the Teenage Mutant Ninja Turtles franchise, the film is set for release on December 25, 2013.
Bay is producing through his Platinum Dunes production company, with Jonathan Liebesman (Wrath of the Titans) directing from a screenplay by Mission: Impossible - Ghost Protocol writers Josh Appelbaum and André Nemec.
The film has caused controversy over the decision to cast the heroes as aliens rather than the mutated reptiles of the original story.
Bay directed upset fans to "take a breath and chill" over the criticisms.