If Schwarzenegger runs in 2018, it "would give Arnold the stage to jam Trump for the next 16 months,'' a veteran GOP strategist commented anonymously to Politco.
The 69-year-old actor served two terms as Governor of California from 2003 to 2011. If he runs for the Senate, he'd be going up against Democratic Sen. Dianne Feinstein, who'll turn 85 in 2018.
Schwarzenegger spokesman Daniel Ketchell didn't deny the rumors, telling Politico, "Right now Gov. Schwarzenegger's focus is on using his platform to bring some sensibility and coherency to Washington by fighting for redistricting reform, like we did in California. We are keeping all of our options open as far as how we can accomplish that."
Since Trump took office and Schwarzenegger took over hosting NBC's "The Apprentice," the two have feuded on Twitter, with Trump crowing about the show's poor ratings.
"When I ran for president, I had to leave the show. They hired a big, big movie star Arnold Schwarzenegger to take my place and we know how that turned out. The ratings went right down the tubes," Trump said at the National Prayer Breakfast in February.
Schwarzenegger responded with a video in which he said, "Hey Donald, I have a great idea. Why don't we switch jobs? You take over TV, because you're such an expert in ratings, and I take over your job and then people can finally sleep comfortably again."
Of course, since the "Terminator" star was born in Austria, he cannot run for President under current U.S. laws. Unless "The Simpsons" proves prophetic yet again.
The animated series famously predicted a "failed Trump presidency" in an episode in 2000. The series' Schwarzenegger-esque action star, Rainier Wolfcastle, was President in 2007's "The Simpsons Movie."