We first heard mention of Arnold's involvement with a super hero character at the recent Arnold Classic.
Then it was said that Schwarzenegger might be involved with Spider-Man creator, Stan Lee.
Now, it turns out that Arnold is, indeed, putting out a new super hero - The Governator!
Arnold made the announcement that the "Govenator" comic books would be followed by a cartoon, then video games and movies.
“First will come (The Governator) comic books, then a (cartoon) TV series and after that we will develop the games and then a movie,” Schwarzenegger told a packed room of international journalists at global TV market MipTV in Cannes. “Maybe then we'll be back in Cannes for that.”
Stan Lee is also confirmed to be involved with the cartoon (most likely the comics, as well) according to The Hollwood Reporter.
You can check out the trailer which features Governor Arnold leaving office and stating that he "won't be back," as he wants to spend more time with his family.
From there, we see Arnold has all kinds of tech, an "Arnold-cave" - and we see the Terminator transform to the Governator!
Actually, doesn't look too bad - though the cover for the comic could be better, imo.
Here's the trailer: