He would be playing the role of "The Exterminator", who is former black ops agent who helps the Toxic Avenger to learn how to use his new-found powers for good.
"Our film is a perfect combination of commercial genre, star power and award winning filmmakers to set it apart from other titles on offer at Cannes this year. The Toxic Avenger is a blockbuster in waiting with franchise potential. The buyers will love it," said IFT President Ariel Veneziano.
IFT co-founder Michael Benaroya said, "Moviegoers around the world were thrilled when Arnold Schwarzenegger returned to acting so effortlessly filling the gap that he left behind. He is the ultimate action hero with a natural comedic versatility and will be pitch perfect in The Toxic Avenger."
"The Toxic Avenger" tells the tale of a high school kid who gets dunked in a vat of toxic waste. After the ordeal, he transforms into a monster who has superhuman strength.
The film is slated to be introduced at Cannes 2013, with production beginning this fall.