The 68-year-old actor found fame in the cult 1982 movie Conan the Barbarian as the pre-historic warrior and he reprised the role in 1984's Conan the Destroyer.
Speaking at a charity gala, at which he called Conan the Conqueror, he said: "Where I'm sitting on the throne for years and years - decades, and then all of the sudden, the time comes when they want to overthrow me. So that story will be told and that movie will be done.
"As a matter of fact, it The Legend of Conan has been written and we are now looking for directors so this is a serious drive for Conan."
Meanwhile, Arnold isn't afraid to take on the physical task of being the unbeatable warrior again because he has avoided the effects of ageing by spending the past three decades staying in shape.
He said: "One of the advantages for when you train every day, when you bicycle everyday, when you work out every day is that age is not registering in the body the same with everyone else.
"Because when you stay in shape, you do turn back the clock.
"So I feel great and the last few movies that I've done, I've done many of my own stunts. I did all the physical stuff and it didn't wipe me out and I have plenty of energy and feel really terrific.
"So I am absolutely convinced that I can do the Conan movie and do the horseback riding, the sword fights and all the fighting."
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