Though a movie was rumored to be announced at Comic-Con with the Superman/Batman Man of Steel sequel, it's now being reported that a TV series for The Flash is in the works for the CW spinning out of Arrow.
Deadline reports the new The Flash TV series is being fast-tracked with Arrow creators Greg Berlanti and Alan Kreisberg behind it, with Geoff Johns also attached.
Berlanti, Kreisberg and Johns are all said to be writing for the new series with David Nutter to direct the pilot. It's said The Flash will first be introduced in Arrow and then get his own spinoff series.
The report describes The Flash series as "potential," because similar to Wonder Woman which is now said to be put on pause, there is no guarantee that the show will get picked up; however, as Flash is considered an A-List character (member of Justice League) it's at least put on high priority.
Regarding the Wonder Woman series, which was titled "Amazon," the network passed on the pilot sending the script back for rewrites, which now looks to be placed on hiatus with the CW going forward with The Flash.
The CW is holding their TCA Presentation today where official word on The Flash series looks to be announced; perhaps the fate of Wonder Woman will become known as well.
Update #2: Will be featured in 3 episodes of Arrow.