It is being reported that a film package is being shopped around to studios today, which includes Arnold Schwarzenegger returning to the Terminator franchise, with Fast Five's Justin Lin directing:

"Arnold Schwarzenegger is attached to star in a rights package that CAA is shopping today that will revive The Terminator, one of Hollywood's most iconic science fiction franchises. The agency is dropping the package on studios this afternoon. There is no screenwriter attached at this point, and Robert Cort is producing."

Studios considering this deal include Universal, Sony, and Lionsgate. Justin Lin has directed the most recent three films in The Fast & The Furious franchise. If Fast Five is successful this weekend at the box office, that will most likely speed along this process. With a new Terminator film or films in the planning stages, I'm curious to see if they bring Arnold back to modern times or if they stay in the future. It wouldn't surprise me to see the last Terminator film completely ignored in favor of a similar plot to the first three films.

Source: Deadline