The film revolves around a father whose daughter is infected by a walking-dead virus that has spread across the country. Director Henry Hobson will helm the film, the Hollywood Reporter said.
The former California governor will also produce Maggie with Pierre-Ange Le Pogam, Matt Baer, Trevor Kaufman, Colin Bates and Joey Tufaro.
Schwarzenegger, 65, is also starring in David Ayer's 'Breacher' and Mikael Hafstrom's 'Escape Plan', which is set to be released on October 18.
His other projects includes a role in action drama 'Expendables 3' and the fifth 'Terminator' film.