FX have developed a deal with the Coen Brothers to produce an hourlong for the small-screen, based on their 1996 hit Fargo.
They have sold a script with penalty to FX, which means the network would be at a loss if they don't produce it into a pilot. This would presumably be on air for Fall 2013, if all goes well.
FX are a network that nurtures their projects, cf. Powers, so if Fargo: The TV Series doesn't work out right away, it's very possible it'll be rejigged and resorted until it's ready for the air.
This continues MGM's attempt at getting their properties on TV, following in the steps of MTV's popular Teen Wolf redux and an announced new series based on Fame.
Deadline reports that Noah Hawley, of My Generation and The Unusuals, is scripting the Fargo pilot and will likely showrun the show should it go to series. Although Hawley's track-record, including two cancelled series, neither huge with the critical praise, doesn't seem too promising, his tone and work on Bones makes me think a cable environment might do him wonders.