"The Legend of Conan" is scheduled to be released in 2014, the Los Angeles Times reported Saturday.
Fredrik Malmberg, the movie's producer, told Deadline Schwarzenegger's role is that of a "mythic guy who has played the role of king, warrior, soldier and mercenary, and who has bedded more women than anyone, nearing the last cycle of his life."
"He knows he'll be going to Valhalla, and wants to go out with a good battle," Malmberg said.
"Conan the Barbarian" made Schwarzenegger a star in 1982. Since then he has made many movies, married a member of the Kennedy family, served as governor and seen the end of his marriage to Maria Shriver amid the news he fathered a child out of wedlock with their housekeeper.
"I always loved the Conan character, and I'm honored to be asked to step into the role once again," Schwarzenegger said in a statement.
Since leaving office in 2011, Schwarzenegger has appeared in "The Expendables 2," and has two movies currently in post-production and others in various stages of planning.