The network announced the news Monday following Trump's departure to pursue his presidential campaign. The businessman left the show to run for political office prior to NBC cutting ties over his controversial remarks about immigrants.
"We are thrilled to be opening a powerful new chapter in the story of the Apprentice franchise," alternative and late night programming president Paul Telegdy said. "Arnold Schwarzenegger is the epitome of a global brand in entertainment and business, and his accomplishments in the political arena speak for themselves.
Schwarzenegger, 68, served two terms as the governor of California from 2003 to 2011. The actor celebrated his new gig on Twitter, writing, "Wow. I'm blown away and honored by all your tweets. I can't wait to bring my experience to the board room & raise millions for charity."
"I have always been a huge fan of The Celebrity Apprentice and the way it showcases the challenges and triumphs of business and teamwork," the star said in a statement. "Let's get started!"
The Celebrity Apprentice follows the same format as The Apprentice, but features celebrity contestants. The series sees various stars compete to raise money for charity, and will return for an eighth season in 2016. Previous winners include Joan Rivers and Bret Michaels.