Here's what Vampiresite.net had to say:
The CW is developing a series based on another book series from Vampire Diaries author L.J. Smith – and TVD consulting producers Elizabeth Craft and Sarah Fain, who also are writing the upcoming “Plan B,” are involved.What do you think? Personally, I love the idea as I have read and loved this series. I hope the CW doesn't change it around as much as they changed around the Vampire Diaries. Quiet frankly, I loved the changes made to the Vampire Diaries as the books weren't my favorite.
The new project, Secret Circle, is about a California teen who moves to her mom’s hometown of New Salem and learns that she is a witch.
Vulture originally released the news about the development. The series, if it happens, will have a pilot script from Andrew Miller, who will also be executive producer.