The boat is believed to have sunk Saturday off the coast of Sererihisar, south of the city of Izmir, Anatolia reported, quoting local governor Orhan Sefik Guldibi. Six of the migrants were rescued late Sunday.
Guldibi said rescuers had recovered 20 bodies that had washed ashore.
"The survivors said there were between 60 and 70 people on board. We are afraid that the death toll will rise," he told Anatolia.
There was no immediate information on the migrants' nationalities.
Thousands of immigrants from Asia and Africa enter Turkey illegally on their way to European countries in search of jobs and a better life.
Smugglers often take the migrants to Greece on fragile and overcrowded boats, and such accidents are not uncommon.
The European Union, which Turkey wants to join, is pressing Turkey to crack down on illegal immigration.
The head of Russian Technologies, Sergei Chemezov, clarified the fate of anti-aircraft guided missiles that Russia was supposed to deliver to China
The Basmanny Court of Moscow arrested Michael Calvey, the founder of Baring Vostok investment fund, on allegations of embezzling 2.5 billion rubles from Vostochny Bank. Calvey will be held in custody until April 13