Paramount Pictures decided to delay the production of the effects-heavy film project, which was originally set to be released in the US in December 2013, due to changes in script, reported Aceshowbiz.
The production team is now temporarily laying off the film's crew and telling them that the work stoppage is indefinite, according to sources.
"Ninja Turtles" is a joint production between Paramount and Viacom's Nickelodeon.
Back in May, when announcing the project, Viacom CEO Philippe Dauman said, "Our pipeline is extremely strong. We're developing more new episodes of our popular series and more exciting series. And of course, we're particularly excited about the revival of the Teenage Mutant Ninja Turtles Franchise."
While Bay served as the producer, "Wrath of the Titans" helmer Johnathan Liebesman was roped in to direct the movie. Providing the script, meanwhile, were Josh Appelbaum and Andre Nemec.
This is not the first time Paramount has halted the production of a film. The studio has delayed the release dates for Channing Tatum's "G.I. Joe: Retaliation" and Brad Pitt's "World War Z" due to script issues.