CBS SportsLine founder Mike Levy is preparing to announce his newest venture, OPEN Sports Network.

The company’s website is still being built out but based on their description, it aspires to be a sports-oriented social network featuring betting-enabled fantasy sports games, rich news content, and perhaps most importantly, a game platform with open APIs.

Fantasy sports leagues are incredibly popular but many of them are still locked in archaic walled gardens. If OPEN Sports Network makes good on their promise of open APIs, they may be able to differentiate themselves from other, established, sites.

OPEN Sports Network, located in Deerfield Beach, Florida, was founded in 2007 and the company says that it will launch in August 2008.

Levy founded SportsLine, his former project, in 1994. It was acquired by Viacom (then the parent company of CBS) in 2004 and is now the flagship sports site of the CBS network.

This news comes only a day after AOL’s acquisition of fantasy sports site Fleaflicker – clearly this market is poised for a shakeup.