Paramount is developing a new 'Teenage Mutant Ninja Turtles' movie.

The studio previously produced two features - which starred Megan Fox - following the adventures of four mutated turtles on a mission to save New York, but Paramount is now aiming to take the film in a new direction .

It's believed the arrival of new chairman, Jim Gianopulos, sparked the decision to relaunch the franchise - which is based on the 80s cult comic by Kevin Eastman and Peter Laird.

Gianopulous recently opened up about the studio's box office failures at CinemaCon, saying: ''It's no secret we've had some difficult years at the box office. We're laying the foundation ... to deliver to you films for every possible audience for years to come.''

He added: ''If something is working today, and you say 'let's do more of that', you'll have a problem - that's the opposite of originality. The kinds of movies that are working now, [if you say] let's bring out more of them a year from now, the audiences will have moved on. That's a recipe for disappointment.''

The first instalment - which was released in 2014 - made $493 million worldwide, while its sequel, 'Out of the Shadows', only managed to gross $245 million, with both failing to be a hit with critics.

There's no word yet whether the new live action will officially be classed as a reboot.

But reports have confirmed that Andrew Dodge - who was behind the script for the Jason Bateman comedy, 'Bad Words' - has been hired as the screenwriter.