It is thought that planetary mass companions may form through gravitational disk instabilities or core accretion. Identifying such objects in the process of formation would provide the most direct test for the competing formation theories. One of the most promising candidates for a planetary mass object still in formation is the third object in the FW Tau system. We present here ALMA cycle 1 observations confirming the recently published 1.3 mm detection of a dust disk around this third object and present for the first time a clear detection of a single peak (CO)-C-12 (2-1) line, providing direct evidence for the simultaneous existence of a gas disk. We perform radiative transfer modeling of the third object in FW Tau and find that current observations are consistent with either a brown dwarf embedded in an edge-on disk or a planet embedded in a low inclination disk, which is externally irradiated by the binary companion. Further observations with ALMA, aiming for high SNR detections of non-contaminated gas lines, are required to conclusively unveil the nature of the third object in FW Tau.