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The actor will play a teenage version of Michael Biehn's character in the original 1984 film, who travelled back in time to father future world saviour John Connor.
Yelchin's previous credits include Charlie Bartlett and Hearts In Atlantis. He will also play Pavel Chekov in the upcoming Star Trek movie.
Writer Paul Haggis (Crash) is in negotiations to work on the script, according to The Hollywood Reporter.
Director McG's reinvention of the franchise for Warner Bros stars Christian Bale as John Connor.
It starts production in May and is scheduled for release on May 22, 2009.
It is now without a title after previously being known as Terminator Salvation: The Future Begins.
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