Paramount has hired writing duo Art Marcum and Matt Holloway to reimagine a new possible franchise Teenage Mutant Ninja Turtles, reports Deadline.

"The studio is looking at this as its next huge franchise, like Transformers," a source said.

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Paramount's Adam Goodman is fast-tracking and wants a first draft by October so the studio can take it out to directors right away for a 2012 release.

Teenage Mutant Ninja Turtles is considered one of the most popular children's television programs of the 1980s, and was created in 1984 by Kevin Eastman and Peter Laird. It first debuted as a successful comic book series and then became a hit animated TV show, a live-action television series, three live-action films distributed by New Line (1990-1993), and a recent CGI film distributed by Warner Bros.