The actor, who is working with director Justin Lin on a return to the Terminator franchise, is believed to be keen to once again team up with De Vito and Twins director Ivan Reitman.
"Twins 2. Arnold, Danny De Vito and Ivan Reitman are all still in touch and want to work together again," a source told What's Playing. "Universal came to them about [a Twins sequel]."
The source added: "It's a germ of an idea that could spread fast."
Schwarzenegger announced his return to acting earlier this year after his term as Governor of California came to an end.
The action star is to make his comeback in the Brad Furman-directed drama Cry Macho, and is said to be considering a number of other acting roles at present.
Twins starred Schwarzenegger opposite De Vito as two unlikely twin brothers separated at birth, who are reunited as adults and attempt to track down their mother.
Watch Arnold Schwarzenegger and Danny De Vito in the trailer for Twins below: