Deadline reported that Schwarzenegger agent CAA and Lin are shopping a rights package around town to get the film ready. There is no word on the screenwriter. However, the site noted that Robert Cort is producing.
As for the studio, Universal, Sony, Lionsgate, and CBS Films are allegedly vying for tackling the project. More recently, The Hollywood Reporter mentioned that Universal has been discussing with CAA about handling the new movie.
Previously, Lionsgate and Sony joined forces to claim the rights over the "Terminator Salvation" when the Halcyon Group, the former rights holder of the film, went bankrupt in 2010. However, the studios failed to nab the rights.
Pacificor, a Santa Barbara-based hedge fund, eventually won the rights to the property for $29.5 million plus a promise to pay Halcyon $5 million for each sequel that is produced. Pacificor would be part of any new production.
Schwarzenegger has gained popularity as a Hollywood action film icon. Among his famous films are the likes of "Conan the Barbarian", "Commando" and "Predator". The actor also starred in the first three "Terminator" movies. He is recently rumored to make an appearance in Kim Ji-woon's "The Last Stand".