Rumors of the Teenage Mutant Ninja Turtle film relaunch has been non-existant with the exception of the standard internet rumor rumblings. That all changes today with official word that the franchise is moving forward.
According to Deadline Hollywood:
Paramount Pictures and Nickelodeon have brought Michael Bay and his Platinum Dunes partners Brad Fuller and Andrew Form on to produce Teenage Mutant Ninja Turtles, the live-action film that reboots the film series launched by New Line in 1990. Bay, Fuller and Form will produce with Galen Walker and Scott Mednick.
The report also says that the Producers should be meeting with writers over the next few weeks. I personally don't really know what to expect from Bay's involvement besides the fact that it likely won't be a cheap PG flick and the fact that it will have a lot of action is a given.