Titled "Triplets", the sequel, which has been on and off ever since Schwarzenegger, 67, gave up his political career, is coming after almost 30 years, reported Daily Star.
"We're talking about a sequel, where we find out at the funeral of our mother, when we read the will, that there's three of us," the "Terminator" star said.
Currently the plan is to introduce Eddie Murphy as the third brother.
"Eddie Murphy loves the idea. Danny DeVito and I had lunch with Eddie Murphy over at my house, and talked about the thing, and we were laughing and laughing the whole meal through because it was such a funny idea."