Cowabunga, dudes! A live-action Teenage Mutant Ninja Turtles movie is the works! The co-creator of TMNT Kevin Eastman said in a statement: Yes, it is true.
Although the CGI film did well enough to warrent a sequel, there has been much talk between Imagi and Warners to do a better "re-invention" (newest Hollywood buzzword) of the TMNT's, in a live action film–like what was done with Batman.
Back to basics, back to the origin and the intro of the Shredder, etc…there have been talks, trips to Northampton to talk to Mr Laird, and discussions with the original "first" TMNT film director Steve Barron to come back and do it right–but no official word yet…will keep you posted.
Kevin's right about Hollywood loving the comebacks, but could anything be as excellent as the first one?