The Scream star was spotted at the Dancing with the Stars rehearsal studio earlier today, according to TMZ.
Sources told the website that Arquette was on site to meet his partner for the upcoming season of the dancing competition. The actor is rumoured to be paired with Kym Johnson, who has previously danced with celebrities such as Hines Ward, David Hasselhoff and Joey Fatone.
Arquette separated from Courteney Cox in October 2010 after 11 years of marriage. He has since revealed that the two are trying to determine whether they are "compatible as a couple".
Other celebrities that have been rumoured to be joining the ABC series include Queen Latifah, Jersey Shore's Nicole 'Snooki' Polizzi, Rob Kardashian and Dina Lohan.
Latifah denied the reports however, later saying that she is too busy for the series.
The cast of the competition will be announced on Monday during a new episode of Bachelor Pad.
Dancing with the Stars returns September 19 at 8pm ET on ABC.