For the past month, rumors have been flying about what form the new Teenage Mutant Ninja Turtles film might take, with Kevin Eastman claiming there would be a live-action film, and almost immediately Steve Murphy denying the rumor. Well, MTV talked to Peter Laird, the other co-creator of the Turtles, and current owner of the rights to the characters, and he revealed that they are actually close to having an announcement ready about a hybrid Teenage Mutant Ninja Turtles movie.
Laird stated that there was no intention of creating another live-action film like the original three, with stuntmen in animatronic Turtle suits, but that instead the film might have live-action humans and sets, combined with realistic CGI Turtles (and possibly other characters, like their rat mentor, Splinter.)
That said, Laird was quick to state that a final storyline for the film had not been settled on yet, so there is no word on what villains or supporting characters would be appearing. He didn't discount the possibility of bringing back the villainous Shredder, but he said "I am also excited about the possibility of creating some new characters for the movie."
So, that's the official word. There are talks for another Teenage Mutant Ninja Turtles film, but it won't be entirely live action like the 1990 Teenage Mutant Ninja Turtles, nor will it be entirely CGI like the recent TMNT. Instead, we will see a mixture of CGI and live actors, like we saw with Scooby Doo and Alvin and the Chipmunks (though hopefully to less comedic effect).