The Turkish coastguard recovered the bodies from the wooden boat, which had sailed from northwest Turkey's seaside town of Ayvalik headed for the Greek island of Lesbos, the Anatolia news agency said.
The rescuers managed to save about two dozen others on board the sinking boat who had called for help on their cellphones, Turkish media reported.
Anatolia did not indicate the migrants' nationalities.
Turkey has been swamped with an influx of refugees due mainly to the civil war in neighbouring Syria.
With many refugees currently failing to lodge asylum requests upon arriving in Greece, fearing they will be trapped in the recession-hit country, the European Union's top migration official warned that a recent deal to share out refugees in the bloc could flounder.
Yesterday, the EU's much-hyped deal with Turkey to stem the flow of migrants looked shaky after Ankara said Brussels had offered too little money to cope with the two and half million Syrians who have sought refugee on Turkish soil.
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