Deadline says
The CW is finalizing a deal for a pilot order to Arrow, an hourlong superhero drama based on DC Comics’ Green Arrow. It is written and executive produced by The Green Lantern co-writers Greg Berlanti and Marc Guggenheim and Fringe and Vampire Diaries alum Andrew Kreisberg. I hear that David Nutter will likely direct the project, which takes the comic book character, created by Mort Weisinger and George Papp, and sets him in a new world with an original story that is not based on the comics, published by DC Entertainment. Arrow, produced by Warner Bros.
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This seems like a logical decision by CW in the absence of Smallville but personally I would have liked to see a different character. Robin maybe?
Maybe even The Flash?
wonder if they will use this to collide with the justice league movie which we all know isnt going to come for a long time so theres enough time to flesh out green arrow with his own show