It was reported in April that the former California governor would be returning to the Terminator franchise. However, Schwarzenegger will not be the principal actor in the film, according to What's Playing.
The 63-year-old will still appear in the movie, but his role will be reduced. Meanwhile, given that Paul Walker is currently rumoured for the role of Kyle Reese, it is believed that the Fast Five actor could become the anchor for the new Terminator movie.
It is unclear if this role reduction is the result of Schwarzenegger's recent scandal. The governor split from his wife of 25 years after he revealed that he had fathered a secret love child over a decade before.
Director Justin Lin said in early May that he would not be reuniting the original cast of the first two Terminator films, though his film may ignore the events of the third and fourth instalments of the franchise.
Terminator 5 will allegedly be a reboot of the franchise in the vein of J.J. Abrams's Star Trek.