Greg Berlanti and Marc Guggenheim, the team behind Smallville and The Green Lantern movie are getting ready to bring the Green Arrow back to the CW. This isn’t their first pony ride with the Green Arrow. He was a major character on the long running Superman series, Smallville.
As of right now, there’s no plan on bringing back Justin Hartley to reprise his role as the Arrow. He did a great job on Smallville and it would be nice to see an actual spin-off of the show, but I doubt that Erica Durance or Tom Welling will ever want to get back into those roles… even for just a guest spot.
This isn’t Greg Berlanti and Marc Guggenheim’s only TV project right now. THey are also producing a TV adaptation of Booster Gold for SyFy!
Here’s Wikipedia’s Bio on Green Arrow:
Green Arrow is a fictional superhero that appears in comic books published by DC Comics. Created by Mort Weisinger and George Papp, he first appeared in More Fun Comics #73 in November 1941. His secret identity is Oliver Queen, billionaire and former mayor of fictional Star City. Dressed like Robin Hood, Green Arrow is an archer who invents trick arrows with various special functions, such as glue arrows, net, explosive, time bomb, grappling, fire extinguishing, flash and tear gas arrows. As well as cryonic, boxing-glove arrows, and even a kryptonite arrow. Originally developed as an archery-themed analogue of the very popular Batman character, writers at DC have developed Green Arrow into a voice of left-wing and progressive politics very much distinct in character from Batman, with his own supporting cast.