C2 checked into Moviehole this weekend with an update on all things "Terminator" this weekend, saying Schwarzenegger will definitely be a part of both of the two planned sequels (hmmm, I'll believe that when I see it):
"I've learned (removed) that the offer Mario Kassar and Andrew Vajna will make James Cameron to come back to direct the final chapter in his own Terminator universe is to give him "complete control" on the project.
Kassar and Vajna will still own the rights (and would be fools to give it up due to the millions they will make) but the idea or deal is to give Cameron full control to do or write whatever he wants. This is said to include a pay day that will rival or eclipse Peter Jackson's deal for King Kong (20 million upfront plus a huge percentage).
Also, not to belittle T4 before it comes out or ruin anything, but Mario and Andy wants Arnold back for T5 (the final chapter) playing the evil cyborg. When I say "evil", I mean just as nasty as he was in The Terminator. Before he became a babysiter in T2 & T3."
Source
Damn! 20 mil, huge profit cut, and complete creative control? Cameron would be a moron not to take that.
I doubt Arnie will be filling that T5 role though.