Schwarzenegger, whose latest movie Sabotage is out in the UK today, worked with Cameron on the first two Terminator movies and True Lies.
Video: Arnie on Sabotage, Predator and Terminator
Speaking to Digital Spy, the action icon said that he still talks to Cameron about Terminator despite his departure from the franchise after 1991's Terminator 2: Judgment Day.
"He is the one that created the character and created the movies. He's on now to making Avatar and the sequels, he's an extraordinary writer and director, probably the best there's ever been in the world."
Schwarzenegger added that he is determined to make Terminator: Genesis a success with Thor: The Dark World's director at the helm.
"[Cameron's] will be very successful, and we're trying to make Terminator also very successful," he said.
"We have a great director, Alan Taylor, who has just done Thor - he did an extraordinary job, it's such an entertaining movie worldwide. I know for sure that he will do a great job with Terminator."
According to a recent post on HitFix, the fifth Terminator movie will integrate into the 1984 original similarly to how Back to the Future II did with its predecessor.
Schwarzenegger's older Cyborg allegedly interacts with scenes from the first Terminator in Laeta Kalogridis and Patrick Lussier's script.
Emilia Clarke, Jai Courtney and Jason Clarke co-star in Terminator: Genesis, which opens in cinemas in summer 2015.
Arnold Schwarzenegger on Sabotage being like Predator
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