Ever since Arnold Schwarzenegger let it be known that he was ready to jump back into acting, everyone has been waiting to see what the actor will choose for his first film following his tenure as Governor of California. Well, one of the possible projects includes the ever-elusive sequel to James Cameron’s 1994 action-comedy True Lies. Now co-star Tom Arnold says a new script exists for the sequel and he sounds very optimistic:

I have read a great True Lies 2 script, and I hope we are able to do it. Knock on wood. Arnold Schwarzenegger is excited. I am excited….We have both read the script. There is a script that James Cameron and a guy named Jeff Eastin, who created the TV show White Collar, wrote. It is really great. Jim can’t direct it. But he can produce it. We hope it gets done. We have a few fun things we want to do. I am supposed to remain cool about this. For me, it would be a lot of fun to work with the guys again.

Now, this could very well be wishful thinking on Arnold’s part, given that Schwarzenegger has been offered roles in reboots/sequels/remakes of seemingly every film he’s ever made. But I, for one, would love to see the two team-up again. Hit the jump for more.

A sequel to True Lies has been a topic of conversation for the last decade or so, but after 9/11 Cameron stated that terrorism was “no longer something to be taken lightly” and the possibility of another go-around was all but dead. Now, from the interview with Movie Web, it sounds like the existing script has gotten an update of sorts from White Collar creator Jeff Eastin. Obviously, Cameron can’t direct because he’s tied up with the Avatar sequels for the next few years, but his involvement as a producer would definitely be beneficial.

While he wouldn’t elaborate on plot points, (Tom) Arnold sounded confident about working with Schwarzenegger again:

All I can say right now is, I know that Arnold and I will work together. A lot of people are sending him scripts now. He is carefully going through them, deciding what he wants to do. He wants to have some fun. He wants to do something that is worth his time, but fun. Hopefully, we can get this thing figured out. And we can get something on track. I am just waiting. I am following his lead.

I thought True Lies was unabashedly fun, so I’m hoping everything comes together for this flick and they nab a director that can do an action-comedy without coming across as overtly cheesy.