CW is working on a pilot based on Green Arrow, but it's just called Arrow - likely because they don't want to get tied down to one color scheme. They've now cast their lead, and his name is Stephen Amell, and he's kind of a generic hunk in the Chris Pine mold.
The show is a 'modern' version of Green Arrow, who isn't really a particularly old-fashioned character... except for his goofy archery stuff, which the pilot will keep. Oliver Queen is a billionaire playboy turned politician who fights crime as Green Arrow; I guess the politician part is there to keep in Green Arrow's serious lefty bent. If the show were to get political it might be worth watching. But considering it's the CW and this guy is the star, I'm not particularly hopeful. Oh, and also considering it's from the guys behind No Ordinary Family.