The Hollywood Reporter is reporting that US network Fox is developing an American version of Torchwood.
According to the site, the project is being developed with the original executive team, most of whom are now based in Los Angeles. The pilot script would be written by Torchwood creator, Russell T Davies, with Julie Gardner and Jane Tranter acting as executive producers. The whole project would come under BBC Worldwide Productions.
Tranter and Gardner moved to the US with a specific brief to develop BBC properties for the American market.
Torchwood has been shown on BBC America where it set viewing records for the channel and has a strong fan base in the US. It is likely that if the series is commissioned some of the current cast would be involved; most likely John Barrowman would reprise the role of Captain Jack.
UPDATE, 20TH JAN:
BBC Worldwide Productions has confirmed to C21 Media that a Torchwood pilot script has been written for Fox, but say it's too early to comment on any further details.
A roundup of media articles on the story can be found in Doctor Who in the Media.