After leaving Supernatural when season 5 wrapped up, showrunner Eric Kripke was developing a new TV show based on DC/Vertigo's Sandman. Plans for that show have been put on hold, but Kripke is looking to launch a new TV series based on another comic book character.
The CW wants to replace the soon-to-be-ending Smallville with another comic book-related TV series and have decided on Deadman. For those that are unfamiliar with the character, Deadman is a murdered circus trapeze artist named Boston Brand, who has the ability to possess any living being.
According to a report by Deadline, it looks like the format of the show will involve Deadman inhabiting "other people's bodies to help them solve crises in their own lives". There are no additional details at this time, but we can assume that part of the show will not only involve him helping others, but trying to solve his own murder. This is a very early announcement, but we should have more details in the near future.
If you want to learn more about Deadman, he's featured in Justice League Dark and DC Universe Presents as part of "The New 52" DC relaunch event, starting at the end of the month.