The boat set off from a town in Izmir province in an apparent bid to reach Greece, the private Dogan news agency reported.
The Turkish coastguard started the search after being alerted by two survivors who swam to shore, according to the report.
These deaths come after 37 migrants drowned off another part of the Turkish coast on Saturday -- in harrowing scenes reminiscent of the death of Aylan Kurdi, the Syrian toddler whose tiny body was found lying face down on a Turkish beach.
Turkey, which is hosting at least 2.5 million refugees from Syria's civil war, has become the main launchpad for migrants fleeing war, persecution and poverty to Europe.
Neither the deal with the EU nor the harsh winter conditions have appeared to deter migrants trying to reach Europe, many of whom pay people smugglers thousands of dollars for the risky crossing.
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