The launch will coincide with animated series for both brands on GMTV.
The Hulk range will also tie in with the release of a Hollywood blockbuster featuring the character on July 18.
The firm will also market a range of toys to coincide with the X Men 2 film in May.
All three ranges target boys aged four- to nine-years old and will be supported by TV ads and a marketing budget of £2m.
The ranges tap into a trend for bringing back toys popular in previous generations. Vivid relaunched another toy from the past, Care Bears at the start of this year.
Vivid Imaginations chairman Nick Austin said: "The toy industry is looking at retro properties in which to invest as they offer risk-averse strategies in a difficult market. They are brands with already high levels of awareness and we can piggy-back heavyweight marketing around the movies."
The launches are taking place simultaneously in the US and UK. US production company 4 Kids Entertainment created the Teenage Mutant Ninja Turtles series, with Hong-Kong manufacturer Playmates acting as toy licensor to Vivid in the UK.
The Hulk series is being produced by Marvel, with its wholly owned subsidiary Toy Biz creating both The Hulk and X Men 2 toy ranges.
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