The 42-year-old 'Scream' star has previously branched out in the entertainment industry as a partner in Beacher's Madhouse, a nightspot in the city run by comedian Jeff Beacher which opened in 2011, reported TMZ online.
He is also said to own shares in nightclubs Hooray Henry's and Bootsy Bellows.
Now, Arquette is in negotiations to buy the famed Crazy Girls strip club on Sunset Boulevard.
Arquette and his partners are said to have offered USD 1.6 million for the business.