According to an article in The Hollywood Reporter today, it reports that BBC Worldwide has in a statement said, "BBC Worldwide Productions and the FOX Broadcasting Company have mutually agreed not to progress together with a 13-episode serialized 'Torchwood' format. We are currently in discussion with several interested networks."
According to a Hollywood Reporter article, there may be a new US version of Torchwood coming to Fox. Series creator and producer Russell T Davies along with producer Julie Gardner are to be spearheading the project with executive VP of programming and production at BBC Worldwide Productions, Jane Tranter.
The article suggests that some of the original cast may be onboard the project as well, mainly John Barrowman.