Arnold Schwarzenegger is set to star in 'Terminator 5'.

The 65-year-old actor is to reprise his most iconic role as the killer cyborg for the first time since 2003's 'Terminator 3: Rise of the Machines' and has admitted he's ''very happy'' that he's been chosen for the leading role.

During an appearance at the 21st Century Financial Education Summit in Australia, Schwarzenegger is reported to have said: ''I'm very happy that the studios want me to be in 'Terminator 5' and to star as the Terminator, which we start shooting in January. I feel very proud of that. I feel very happy and I'm looking forward to [it].''

The star did not make an appearance in 2009's fourth instalment 'Terminator Salvation' because he was working as the Governor of California at the time, and although he was rumoured to be playing a human this time around, it was unknown whether he'd return to the franchise at all.

'Terminator' was brought to life on the big screen in 1984 by Oscar-winning director James Cameron, who also directed a sequel, 'Terminator 2: Judgment Day'.