The Expendables 2 star tipped Channing Tatum to become his successor in the role due to the actor's "naturally athletic" physique.
He told The Huffington Post: "You need somebody who's well built and charming, I suppose. And he can deliver a couple of lines of dialogue, I guess more than I had. I mean, Channing Tatum?
"I don't know that many young actors. But he's got a pretty good body. He's got a naturally athletic body which you need, unless you make the guy wear a suit, like Batman. But if you need real muscles, you need somebody who is built."
Lundgren, who played He-Man in 1987's Masters of the Universe, also said that his Expendables 2 co-star Liam Hemsworth would be good for the role.
Rumours of a live-action He-Man reboot have circulated in recent years, though nothing has been officially announced.
The Expendables 2 - which also stars Bruce Willis, Arnold Schwarzenegger, Jason Statham and Sylvester Stallone - is now playing in the UK and opens on Friday (August 17) in the US.
> Read Digital Spy's review of 'The Expendables 2'
Watch the trailer for The Expendables 2 below: