In a story from The New York Times it appears that Arnold Schwarzenegger, James Cameron and Tom Arnold might be getting together for another project in a little over a year.
At least that's what Tom Arnold says:
"All I know is Jim Cameron's making it and Arnold" - Mr. Schwarzenegger - "and I are going to be in it, and it starts shooting in 14 months, the day after Arnold stops being governor of California. It's not going to be called True Lies II, but it might as well be. I can live with that."
Apparently this project has a plot and script that is still to be determined.