PASADENA, Calif. -- Here's the latest development with Arrested Development.

The U.S. premium cable channel Showtime -- home of such series as Huff, The L-Word and Weeds -- is definitely trying to rescue the series.

"Nothing would make us happier than to have it," Showtime entertainment president Robert Greenblatt told critics Thursday.

Despite critical praise and Emmy attention, Fox has all but canceled the low-rated series.

Four final episodes will be blown off in a two hour finale Feb. 11 (also on Global).

Fox entertainment president Peter Liguori told critics earlier this week that it was regrettable his network couldn't "find the audience the show deserved."

Maybe Showtime can.

"I always thought it was probably a better fit on a cable network than on a broadcast network," said Greenblatt, who says he had a "great conversation" with creator/executive producer Mitchel Hurwitz over the holidays.

"I think the show is only worth continuing if Mitch Hurwitz was at the helm running it," says Greenblatt. "And he hasn't yet come to that decision to continue the show."

Details such as how many years or episodes, will it be racier (Showtime has looser content restrictions than Fox) and how many cast members will make the transition still have to be worked out.

Two Canadians -- Toronto's Will Arnett (George "Gob" Bluth) and Brampton's Michael Cera (George Michael) -- are part of the Arrested ensemble.

Greenblatt sees nothing but pluses in rescuing the show.

"It's an established name. It's critically acclaimed. It has been deemed one of the best shows ever created for this medium," he said.

"Everybody seems to want it to live on."