The former California governor has inked a deal with publisher Simon & Schuster for the tentatively-titled Total Recall: My Unbelievably True Life Story, which will be co-written by author Peter Petre.
Schwarzenegger will open up about his early bodybuilding career, life as one of the world's most famous stars and the break-up of his marriage to Maria Shriver.
The Austria-born star's representative Adam Mendelsohn told People that the autobiography is a passion project for Schwarzenegger.
Mendelsohn added: "[Schwarzenegger] has been keeping notes and working on the book for over a year. He didn't want to write his autobiography while he was governor."
A source close to Schwarzenegger has also denied that the book will be a "tell-all" memoir.
Total Recall: My Unbelievably True Life Story is expected to be released in October 2012.
Schwarzenegger will next appear on the big screen in Sylvester Stallone's action film The Expendables 2, in which he will co-star with Bruce Willis and Chuck Norris.
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Watch Arnold Schwarzenegger in a scene from The Expendables below: