The wonderful bestselling novel by uber-cool novelist Neil Gaiman is now officially in the pipeline for production on HBO, possibly debuting as early as 2013, according to this article from screenrant.com. The show will have a budget of $40 million and will rely heavily upon CGI effects.
The novel chronicles a confrontation among ancient gods who have returned to earth in anthropomorphic form and are suffering from a loss of faith within humanity. Interestingly, the novel has been discussed among some contemporary heathens as an inspiring text which has led to a more widespread revival in heathen beliefs, perhaps due to the compelling characterization of Odin.
An update on the production appears here; apparently plans continue apace but it is no longer clear if the show will debut in 2013.
MORE UPDATES as of June 29th, 2013: This article from Empire Online states the series has been given the green light, but commenters insist Neil Gaiman has said via Twitter that this is uncomfirmed.