Update 12:20pm: In an update to the original story, CW Executive Mark Pedowitz confirmed the star of the show will be Barry Allen. Currently the main character in DC's ongoing comic book series of the same name, this version of The Flash will start as a recurring character on Arrow in the 2013-2014 second season, Pedowitz confirmed.
Over at THR, they have the direct quote from Pedowitz's presentation at the Television Critics' Association press tour, confirming Allen and stating that the story will start with his origin:
"We plan to introduce the recurring character of Barry Allen who is the Flash. 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."
Meanwhile, Berlanti is still also devloping the Flash movie for Warner Bros, Pedowitz also confrimed. He's attached to direct the film, as well as write the screenplay with Chris Brancato, Michael Green, Geoff Johns, and Marc Guggenheim, and Pedowitz said there is "no conflict" between the developing TV series and feature film.
Purely speculation, but the similar creative teams and "no conflict" makes it sound like the two could be directly connected.
Original Story: A guy as fast as The Flash can't be contained simply within comic books and animated features. According to a report on Deadline, Barry Allen will next be running back to live-action, on the CW, in the same universe as their existing DC Comics hit, Arrow.
The new TV series, reportedly being "fast-tracked" (too easy), comes from the existing Arrow creators, Greg Berlanti and Andrew Kreisberg, plus director David Nutter and writer/DC Entertainment Chief Creative Officer Geoff Johns. Deadline reports as well that the series will likely spin-off from Arrow, with the character appearing in a late Season 2 episode before heading to his own pilot.
A live-action Flash movie is also rumored as in-development with a target release of 2016, which was reported alongside the news of a Superman/Batman team-up movie, which was confirmed later that day.
While a Wonder Woman series was the first to go into development after the breakaway success of Arrow, that series did not go to pilot, though is reportedly not entirely dead just yet. It is, however, on hold at the network.
The Flash had a TV series for a season back in 1990 starring John Wesley Shipp as Barry Allen, the fastest man alive. While Barry Allen isn't named in the report as being the star character of this series, DC Entertainment's synergistic strategy with the New 52 Reboot of the DC Comics universe would indicate that he takes the lead. The Flash also has his first animated starring role out today, Justice League: The Flashpoint Paradox.
Arrow season 2 launches Wednesday, October 9, 2013 at 8pm.