NEW YORK — Though everyone’s preoccupied with the launch date of James Cameron’s “Titanic,” the director might well already be thinking about his next big-budgeter.

Sources on the Mexico set of “Titanic” report that Cameron had a recent visit from Arnold Schwarzenegger. That might bolster rumors that he and Cameron will reteam on a third “Terminator.” But Schwarzenegger wasn’t alone: He brought his “True Lies” co-star Tom Arnold. Are they hatching a second installment of “True Lies”?

Perhaps relieved to be asked a question that didn’t have the “Titanic” release date in it, Lightstorm Entertainment prexy Rae Sanchini confirmed that the two Arnolds indeed visited Cameron on the set. While the occasion was a social visit that gave the actors a chance to gawk at the ship Cameron erected in his giant tank, the subject of “True Lies” was indeed broached.

“They’re all pals and it was mostly social, but we have talked about the possibility of reteaming Helen and Harry Tasker (Schwarzenegger), and his pal Gibson (Arnold),” Sanchini said. “There are no deals and no story yet, but continuing the story is definitely something we’d like to do.” That includes Jamie Lee Curtis, who played Helen Tasker and also has remained friendly with Cameron.

Sanchini said no decision has been made on whether Cameron — who wrote the “Lies” script inspired by French pic “La Totale” — would make it his next film. It might be easier than “Terminator,” in which Gale Anne Hurd owns 50%, while the defunct Carolco owns the other half. Or even “Spider-Man,” which Cameron likely would have directed by now if it wasn’t caught up in such a web of rights fights.