Now that Arnold Schwarzenegger has left the office of California governor, he has /arnold-schwarzenegger-reading-three-scripts/expressed his desire to return to acting. It seems he could return to The Terminator franchise he made famous in the 80s with a new installment for Universal Pictures. The studio wants to pair up its Fast Five team of director Justin Lin and screenwriter Chris Morgan for a fifth Terminator outing.
A year ago, Pacificor acquired the rights to The Terminator franchise. It was believed that a sequel to Terminator Salvation would happen, although that is not the case. It seems the bidding war for the franchise, which Sony and Lionsgate were involved in, ended bitterly for both studios, which were both hoping to distribute future Terminator movies. Now it seems Universal is the most likely candidate for where the franchise will land.
William Wisher Jr., who co-wrote Terminator 2: Judgment Day, also has an extensive treatment for a fifth Terminator project, and an outline for a sixth movie as well. The time-travel element is brought back in this treatment, which sees a reunion for Sarah Connor and Kyle Reese from the first Terminator.
No deals have been signed with anyone at this time, including Arnold Schwarzenegger, so it isn't clear yet where this franchise is heading.