Web sluthes have really gone the extra mile on this one. After reviewing Berlanti's contract with CBS/Warner Brothers, it was specifically addressed that Supergirl can appear in Arrow and or Flash! Comicbookmovie.com is reporting:
Greg Berlanti struck a deal with DC Entertainment to develop a Supergirl television series for CBS, he did so with forward-thinking in mind. Berlanti reportedly has it written in his contract that Supergirl can appear on Arrow and/or The Flash.
The CW is owned 50% by CBS and 50% by Warner Brothers so this kind of crossover doesn't just seem like a possibility, it seems more like it's enevitable. In fact, unless there is some kind of big disaster, Barry and Oliver better get ready to meet Kara!
As for who is going to play Kara, there seems to be something in the air and an official announcement seems right around the corner. The Television Critics Association is meeting tonight infact which may be a perfect time to announce casting for Supergirl. Stay tuned folks!