The former California governor, who is facing a divorce battle over his 242million pounds fortune with wife Maria Shriver, had put his big screen return on hold.
But Tinseltown producer Megan Ellison wants him to star in two new 'Terminator' movies.
She bought the rights for 12million pounds at this month's Cannes Film Festival.
Bosses at Creative Artists Agency, which represents Schwarzenegger and has also acted as an adviser to Megan, are now brokering a deal over the new movies.
Los Angeles media analyst Mike Raia said he would expect the love-cheat action hero to command at least 12million pounds per movie.
"This is the blockbuster comeback that he won't pass up," the Daily Star quoted him as saying.
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