Earlier, news of The Flash series leaked before the official announcement, and now CW president Mark Pedowitz has confirmed the news at the Television Critics Association's summer press tour.
The Flash series will feature Barry Allen as well as an origin story.
"We plan to introduce the recurring character of Barry Allen who is the Flash," Pedowitz said, reports The Hollywood Reporter. "We're planning an origin story and we'll see how it goes. We do want to expand on DC Universe, and we felt this is a very organic way to get there."
Arrow co-creators/executive producers Greg Berlanti and Andrew Kreisberg will write the series with DC Comics chief creative officer and comic book writer Geoff Johns; director David Nutter is directing the pilot.
It's reported that Marc Guggenheim will not be involved with The Flash, but will be concentrating on the second season of Arrow.
As fans of the show know, Arrow doesn't feature characters with "super powers," and that could be the case for Barry Allen and The Flash. It's possible Barry Allen could just appear as himself prior to the accident that gave him the speed force.
"He may not come in with superpowers," Pedowitz said, also noting the casting process for The Flash and Barry Allen is underway. "If we get a name, great, if we don't get a name, they'll become a name."
It's also confirmed that the CW Wonder Woman series, Amazon, is on pause.
Update: Regarding The Flash movie it's said that Greg Berlanti will direct and pen the screenplay alongside Chris Brancato, Michael Green, Geoff Johns and Marc Guggenheim for a 2016 release, and that the TV series and movie will not conflict.