According to Deadline, Michael Cuesta(he directed the pilot for Showtime’s Dexter and Homeland) has signed a deal with CBS TV Studios, which starts on June 1, 2013. This deal includes Cuesta as the director and executive producer for the pilot of the studio's contemporary Sherlock Holmes drama Elementary.
Cuesta will also develop for CBS next season, he will most probably work with his brother Gerald Cuesta, with whom he did the CBS cult TV zombie pilot Babylon Fields. Michael Cuesta may write a pilot, which he will also direct if it is greenlighted. If that's not the case, he will work another pilot for CBS TV Studios in the next season. But this deal with CBS won't interfere with his work on Homeland, as he will continue as the primary director and executive producer at least for Season 2.
Official note from Deadline:
Hot off directing the pilot for Showtime’s acclaimed new drama series Homeland, which he also executive produces, Michael Cuesta has signed an overall deal with CBS TV Studios. Under the seven-figure pact, which starts immediately and runs through June 1, 2013, Cuesta will direct and executive produce the studio’s contemporary Sherlock Holmes drama pilot Elementary.
CBS Elementary was first announced last September, it is described as a modern take on the cases of the the detective created by Arthur Conan Doyle, and earlier this month it was revealed that the story would be set on New York City. Robert Doherty wrote the script and will also be the executive producer for the project, alongside Carl Beverly and Sarah Timberman.