James Cameron is looking to produce the sequel to his original True Lies film starring Arnold Schwarzenegger. He plans on making it more of a James Bond film rather than his orginal idea to make it a terrorist action film due to 9/11.
Right now there is no start date for the film but it could be Schwarzeneggers first out of office film. The villians in this movie could possibly be Russians or Neo Nazi Germans. Those Russians sure do have a bad rap in Hollywood.
In "True Lies", Schwarzenegger played Harry Tasker, a super-spy who hides his real job from his wife (Jamie Lee Curtis). The film made quite a nice penny worldwide and was one of the biggest flicks for Schwarzenegger in quite some time. The sequel has been on-again off-again for the best part of five years.
Source: Moviehole