Plans for a new 'Terminator' movie have been cancelled.

Arnold Schwarzenegger

Arnold Schwarzenegger

Arnold Schwarzenegger was expected to step back into the role he made famous 32 years ago later this year alongside Emilia Clarke, who played Sarah Connor in 2015's 'Terminator Genisys', but it has now been claimed Paramount executives have decided not to make another film.

A source told the New York Daily News newspaper: "It is over for 'The Terminator' and Arnold.

"The studio has taken the sequel off the production slate completely, meaning there is no preproduction or any plans for another sequel. The talent had been offered long term deals, but this is not happening.

"The 'Genisys' movie was seen as a way of reviving (the franchise), but the critics were not happy and somehow the studio bosses fell out of love with making more, even though they made huge profits."

However, another company could still take on the rights to the franchise but, given that Arnold turns 70 later this year, that is deemed unlikely.

The source added: "It would need an independent production company to think about making this, and asking Arnie back at age 70 to play that again may be a tough ask."

The news comes after it was recently reported James Cameron - who created the franchise with Gale Anne Hurd - had been asked to oversee a new 'Terminator Film'.

James was at the helm for the 1984 movie and sequel 'Terminator 2: Judgement Day', but not involved in 2003's 'Terminator 3: Rise of the Machines', 2009's 'Terminator Salvation' or 2015's 'Terminator Genisys', all of which did not do as well as the first installments.

However, the rights to the saga revert to him in 2019, but before that happens, 'Deadpool' director Tim Miller was said to be in talks with Cameron about advising on another film.

According to reports, 'Terminator Genisys' financier David Ellison was backing a new film and respected sci-fi authors had been asked to come up with plot ideas.

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