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Arnold tells Morris agency hasta la vista

Action star will shop around for new representation

He won’t be back.

After five years, Arnold Schwarzenegger is discharging the William Morris Agency. While Schwarzenegger is expected to deliver the bad news officially today, there is no word on where the actor will land. He is understood to be taking meetings around town in the next few weeks.

Schwarzenegger, despite being paid a whopping $30 million for reprising his role in the “Terminator” franchise, has seen his bankability outside of sequels diminish during his time at WMA. His 1999 pic “End of Days” managed $209 million worldwide; 2000’s “The Sixth Day” slipped to $116 million worldwide, and his most recent outing, Warner Bros.’ “Collateral Damage,” eked out just more than $81 million — with a negative cost estimated at $85 million, according to Nielsen EDI figures.

Schwarzenegger joined WMA in 1997, after striking up a relationship with WMA agent Robert Stein, whom he met while making 1996’s “Eraser,” directed by Stein’s client Chuck Russell. At the time of his arrival there, the move was seismic: Previous to WMA, Schwarzenegger spent 15 years at International Creative Management with the iconic agent Lou Pitt, who took him from unknown bodybuilder to an action hero who commanded one of the highest salaries in Hollywood.