In an interview with Multichannel News, Chris Albrecht (CEO of STARZ) said:
CA: You know, Russell [Davies] is so busy. Obviously, we're in touch with the BBC all the time. They are our partners on DaVinci's Demons and the Harem project that you just mentioned. We told them, we stand by ready for any news, but I think it would be a while before Russell came back to Torchwood.
And it seems that Davies and the principle players of Torchwood are pretty busy. Barrowman has the lead in the pilot of a new show (yet to be picked up) called Gilded LilysEve is in a play (with Zach Braff), And Davies is writing for Wizards Vs. Aliens.