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The Hollywood Reporter broke the news that Jared Padalecki's new project, a reboot of Walker, Texas Ranger (to be called Walker) is in development at the CW.
The new version, simply titled Walker, comes from CBS Television Studios. ViacomCBS is a part-owner of The CW; the studio produces Nancy Drew, Charmed, In the Dark and Dynasty and co-produces The 100, Roswell, New Mexico and All American with Warner Bros. TV (whose parent WarnerMedia also has a stake in the network).
Congratulations Jared! I'm looking forward to this new show.

ETA:  Here's the article from, which had the exclusive on this.  It has a bit more information about the project.