Justin Lin, Arnold Schwarzenegger for 'Terminator 5?'

Last month, former California governor and action star Arnold Schwarzenegger said he was eying three scripts for his Hollywood comeback. Based on the hints he provided, we determined one is the WWII dramaWith Wings as Eagles, a project he considered as far back as 1997. Another is likelyThe Expendables 2and the opportunity for a more expanded role alongside his friend and former business partner, Sly Stallone. But the third could very well be Terminator 5…

Universal Pictures is interested in reviving the sci-fi series, according toDeadline, and is eying the fifth installment as a directing vehicle for Justin Lin, who has made the studio boatloads with his two Fast and the Furious films and recently turned in another, Fast Five. (Lin also directed the very best episode of NBC’s“Community,” the paintball episode titled“Modern Warfare.”)

The studio is also looking at putting screenwriter Chris Morgan on the job after his success with Universal’s Wanted, the upcoming samurai film47 Ronin(which is well-written), and the aforementionedFast Five.

Currently, no movie studio holds distribution rights to the series after the rights holder, the Halcyon Company, went bankrupt and a bidding war ended with a $29.5 million bid from hedge fund group Pacificora year ago. Sony and Lionsgate were in negotiations with the winner at the time, but walked away disgusted with the terms.

While Schwarzenegger isn’t officially returning to the franchise that helped launch his career, yet, news of Universal’s interest coincides with the 63-year-old actortweetingthis to his 1.9 million followers on February 10. ”Exciting news. My friends at CAA have been asking me for 7 years when they can take offers seriously. Gave them the green light today.”

But the potential begs the question: can Schwarzenegger still play the Terminator? His version of the character was recreated (briefly) for the fourth using CGI face replacement and a muscular body double, but does it make sense to re-hire a man in his mid-60s to play a finely-tuned killing machine?

McG was lined up to direct a fifth and possibly sixth installment following the lackluster, PG-13 Terminator: Salvation, but he’s not expected to return with the regime change. Instead, McG is directingthe board game adaptation Ouija. Meanwhile, Lin is committed to directing aHighlanderreboot for Summit Entertainment, which is currently receiving a script polish byTwilightscreenwriter Melissa Rosenberg.

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