From Comic Book Resources:
The current plan is for Fox to order six 15-minute installments of the series to air early 2013 on the network's new Animation Domination HD Saturday evening companion block. The acquisition was spearheaded by Animation Domination HD head Nick Weidenfeld, a former Adult Swim executive, who had been eying "Axe Cop" since he began scouting potential properties for Animation Domination.
For those not in the know, Axe Cop started as a web comic in 2009, when Ethan Nicolle (an adult) began illustrating the adventures of a police officer armed with an axe and his pet T-Rex as imagined by his then 5 year old brother, Malachi Nicolle. The web comic is published in collected form by Dark Horse.