According to The Arnold Fans website, the former Governator himself is considering 3 scripts for a new role, one of the mentioned roles has Arnold starring as an old Nazi officer in "With Wings as Eagles" (maybe they could change the name of the title, though) who is against his own party and decides to help American POWs to escape from captivity.
Here's Arnold on the new role:
Arnold Schwarzenegger: "In the future I have to adapt my roles to my age. Clint Eastwood also has done it in the same way. Extreme fighting or shooting is not possible anymore. I want to be more encouraged as an actor and I believe that I can manage this challenge. I am like a sponge, which is absorbing all the knowledge and always be willing to learn all new things."
As much as I do enjoy his over the top action films, I think it's surprising that he's deciding to try and end his career with serious acting roles, instead of approaching it with the Sylvester Stallone "I can still kick-ass with one-liners" mentality. Hopefully, we'll get a little of both. Eastwood ended his acting career (supposedly) with films like Gran Torino and Unforgiven, which were both very reflective of his older films. It sounds like Arnold wants to do something similar, and I'm excited to see that his gimmicky cameo in The Expendables won't be the last we'll see of him.
The only thing that worries me, is that I'm not sure his acting is exactly on par with someone like Clint Eastwood. Let's face it, you don't watch Commando, Terminator 2, or Predator because the acting is great, but because they are fun action movies, which define the majority of his career. I of course wish him the best, and hope he gets his Gran Torino. Maybe "With Wings as Eagles" will be it for him, it's written by Randall Wallace, who is known for Braveheart and We Were Soldiers, so that's a plus. I'm sure most people are expecting him to fall on his face once he attempts his comeback, but I'm rooting for him.
You can see the original source here.