Updated January 14, 2020: The CW has ordered Superman and Lois starring Tyler Hoechlin and Elizabeth Tulloch to series.
Here's the official synopsis for the show:
"Superman & Lois stars Tyler Hoechlin (Teen Wolf) and Elizabeth Tulloch (Grimm) as the world’s most famous superhero and comic books’ most famous journalist as they deal with all the stress, pressures and complexities that come with being working parents in today’s society. Both Hoechlin and Tulloch have already appeared as these iconic characters in multiple episodes of The CW’s DC superhero series, including this season’s 'Crisis on Infinite Earths' crossover event, which concludes tonight. Based on the characters from DC created by Jerry Siegel and Joe Shuster, Superman & Lois is written and executive produced by Todd Helbing (The Flash) and executive produced by Greg Berlanti, Sarah Schechter and Geoff Johns. The series is from Berlanti Productions in association with Warner Bros. Television and DC."
See below for further details.
Original story published October 28, 2019: Warner Bros. Television is developing an Arrowverse spin-off show centered on Tyler Hoechlin's Superman/Clark Kent and Elizabeth Tulloch's Lois Lane for the CW, according to TVLine.
Titled Superman & Lois, the show would follow "the world’s most famous Super Hero and comic books’ most famous journalist [as they] deal with all the stress, pressures and complexities that come with being working parents in today’s society."
Hoechlin debuted in a 2016 episode of Supergirl, with Tulloch following in 2018. Both have reprised their roles on several occasions - including the upcoming "Crisis on Infinite Earths" crossover event.
When last seen, a newly-engaged Clark and Lois had moved to Argo after learning she was pregnant.
Former The Flash showrunner Todd Helbing is reportedly heading up Superman & Lois, and writing the pilot script.