It's Bird, It's a Plane! It's 'Superman & Lois' in Development at The CW

Tentatively titled Superman & Lois, the in-development project would see Hoechlin and Elizabeth Tulloch (Grimm) reprising their Arrowverse roles as Clark Kent/Superman and Lois Lane, which they have already brought to Supergirl and the current production of this year's Crisis crossover.
Is this just a trial balloon or a real possibility? And what does iot mean for any future Superman movies?