The 61-year-old actor has been contacted by Robert Rodriguez, who will be producing the film and is awaiting a nod from Schwarzenegger's camp,reported Ace Showbiz quoting the website Movie Hole.
"Robert's camp has just reached out to Arnie's (camp)," the report quoted an insider as saying.
The report also said that Schwarzenegger's representatives have yet to respond to the offer.
The Terminator star's last on-screen outing was in the 2005 movie 'The Kid and I', where he played himself, 'Predators' a extraterrestrial thriller franchise saw the actor play Major Alan Dutch who finishes off the alien predator.
The film was a super hit and inspired many spin offs including films like 'Alien vs Predator' and many comic books and video games.