The rights have been sold to a new studio and this will be "spin off" trilogy set in the same world and yeah no Arnold.
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/05-09-2007/0004585100&EDATE=
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/05-09-2007/0004585100&EDATE=