Now that he’s not in office anymore, it seems like former California Governor can’t keep still. First he announces that he’s doing a comic book/cartoon franchise based on the fictional affairs during his term as the Governator, and now he’s ready to jump on the big screen as The Terminator.

THR has the full scoop.

The star’s agency, CAA, has put together a package that it’s currently shopping to the studios that includes rights to produce a new Terminator sequel, which would be directed by Justin Lin, hot off Fast Five, which opens domestically Friday, and produced by Robert Cort. No screenwriter has come on board yet.

When the movie’s rights holder the Halcyon Group went through bankruptcy in 2010, Lionsgate and Sony joined together in an unsuccessful bid to claim the franchise for themselves. More recently, Universal has been talking to CAA about tackling the project.

The idea of both Lin and Schwarzenegger is obviously still in the preliminary stages, but with Lin’s Fast Five opening big this weekend, you can imagine that Universal, Sony, and Lionsgate all jumping on the project like a Snickers at a fat camp.

No word just yet on how this effects McG’s “reboot” of the franchise with Salvation but even McG will have to step aside when the Governator wants back at playing the metal-head.

Ever since Joss Whedon put in his open request for the rights of the Terminator franchise back in November, things have been pretty quiet on the front of studios bidding for the sci-fi property. The first news came through yesterday, as Lionsgate put in an offer for $15 million, with a 5% cut of future gross receipts.

The property was originally put up back in September, as the company currently holding the rights, The Halcyon Group, filed for bankruptcy. The auction includes just about anything Terminator, which include the rights to future films, TV series, DVDs, and any merchandise that gets produced.

Up until now, the films have been around the block, so to speak. Pacific West helped produce the rights to the first films, while distribution rights went to MGM, then Artisan and Columbia/Tri-Star, then to Warner Bros and Sony for the final two films. A purchase by Lionsgate could mean a resurgence in the franchise, as they are known for mildly successful reboots with Punisher: War Zone, 3:10 To Yuma, and Bangkok Dangerous.

Other studios have until February 4th to submit their offers, which have to top Lionsgate’s bid by at least $500,000 in order to count. The auction for all other “Terminator” assets will take place on February 8th in Los Angeles. No word on if Joss Whedon has plans on taking out his credit card to outbid the studio, but he’s still got time.