Schwarzenegger and Baena have apparently not seen one another since the former California governor revealed his infidelity in May, but sources have told TMZ that they spoke over the phone on the night of the actor's admission and have since stayed in frequent contact.
The insider added that Schwarzenegger is anxious to see his teenage son in person at the earliest opportunity.
One source added: "Both families are open to a meeting, it just hasn't happened yet."
Schwarzenegger's estranged wife Maria Shriver officially filed for divorce earlier this month and is apparently willing to allow the Austrian actor to keep their family's Brentwood home.
Shriver could make as much as $15m (£9.3m) to pen a tell-all memoir about her 25-year marriage to Schwarzenegger, it has been reported.
> Sharon Osbourne: 'Schwarzenegger affair unthinkable'
Watch Arnold Schwarzenegger in the trailer for Terminator 3: Rise of the Machines below: