No, not the governor any more, but now a cartoon superhero. Stan Lee is on board.

Arnold Schwarzenegger is back as 'The Governator' -- EXCLUSIVE | PopWatch | EW.com

“The Governator is going to be a great superhero, but he’ll also be Arnold Schwarzenegger,” Lee says of the semi-fictional character. “We’re using all the personal elements of Arnold’s life. We’re using his wife [Maria Shriver]. We’re using his kids. We’re using the fact that he used to be governor. Only after he leaves the governor’s office, Arnold decides to become a crime fighter and builds a secret high-tech crime-fighting center under his house in Brentwood.”
Does this even last a season?