Kevin Eastman, co-creater of the Teenage Mutant Ninja Turtles has apparently confirmed on HeavyMetal.com that Imagi and Warner Bros. are developing another TMNT reboot, this time going back to live-action:

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. Best, Kevin

I personally dug the CGI version that came out a few years back and was looking forward to another installment of TMNT in that medium. My processors can’t really come up with a “feeling” for this new development for my beloved Turtles, so I guess I will just track this story as it develops…