Celebrity 'Terminator III': He'll Be Back? By People Staff Published on May 31, 1999 12:00 AM Share Tweet Pin Email A third installment of the “Terminator” franchise is quickly taking shape with Arnold Schwarzenegger in talks with 20th Century Fox to reprise his role as the indestructible cyborg. James Cameron is planning to write and produce. At present he’s not planning to direct, but sources say that could change. Variety says none of the deals has been completed, but enthusiasm is high enough among the participants that the film will move forward. Schwarzenegger is currently starring in “End of Days” for Universal.