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Arnold Schwarzenegger has signed on to star in “Terminator 3,” the latest installment of the mega-blockbuster franchise produced by Mario Kassar and Andy Vajna.

“T3” will be produced through Kassar and Vajna’s C-2 Pictures and is currently slated for a late spring 2001 start. VCL and Toho-Towa have signed on as co-financiers, but currently there are no other attachments on the project.

Both the 1984 “The Terminator” and the 1991 sequel “Terminator 2: Judgment Day” were directed by James Cameron, but he has stated that he has no intention of revisiting the property, which is based on a character he originally wrote with Gale Anne Hurd.

Kassar and Vajna spent $8 million to buy the underlying rights of the “Terminator” franchise in the 1997 Carolco Pictures bankruptcy auction.