Personally, I think that if “T3” had flopped he would have already announced his candidacy.

Schwarzenegger Close to Pulling Out of California Race
SAN FRANCISCO (Reuters) – Actor Arnold Schwarzenegger, citing concerns about his family, is moving close to announcing that he will not run for California governor in a special October election, an aide said on Tuesday.
“There are still several things he needs to do to close the book on this, but that’s the direction he is headed in right now,” an aide, who asked not to be named, said.
“For all I know George Bush Sr., Ronald Reagan and Gerald Ford could all call and say ‘hey, we need you,’ but I don’t think a scenario is likely that would push him toward running.”
Meanwhile, a federal judge in San Diego struck down a portion of the law for the Oct. 7 recall as unconstitutional but his ruling neither delays nor stops the two-part vote.
In the unprecedented election, Californians vote on whether to unseat Democratic Governor Gray Davis, who is unpopular for his handling of the state’s record budget deficit.
After voting “yes” or “no” on the recall, voters could then go on to pick a replacement candidate. Under the ruling by San Diego Federal Court Judge Barry Moskowitz voters who declined to cast a ballot on the recall section of the ballot can also vote on a successor to Davis. The portion of the law that Moskowitz struck down had barred voters from voting on a successor if they had not participated in the recall vote.
Schwarzenegger, the former Mr. Universe turned Hollywood heavyweight, had initially suggested he would run as a Republican. Analysts said his name recognition and personal wealth gave him a strong shot at the job in a state where actor Ronald Reagan got his start in politics as governor.
Schwarzenegger’s aide said the actor’s wife, television news personality Maria Shriver, a niece of former President John F. Kennedy and a member of the nation’s most prominent Democratic family, was against a run.
“She has concerns about their young children and the quality of life they would have by a father who would be engaged 20 hours a day in state government,” he said.
“Now they are between five and 14, it’s a time when you don’t get those days back and it’s a time when kids really need to be with their parents, and that’s where I think she comes down.”
The aide said Schwarzenegger, the star of the “Terminator” films, would make an announcement as early as this week.
Politicians have often cited family as the reason to leave the political stage — for at least a while. Prior to the 1992 election, Al Gore said he would not run for president for family reasons, but when Bill Clinton asked him to run as his vice president, he had a change of heart.
Some analysts have said Schwarzenegger may also be wary of exposing himself to campaign attacks on his personal life.
A Schwarzenegger withdrawal from the race could open the way for former Los Angeles Mayor Richard Riordan, a moderate Republican who said he would not challenge the actor.
Also on Tuesday, multi-millionaire Republican Bill Simon Jr., who ran against Davis and lost in November, filed papers with the Board of Elections in preparation of trying once again. He said he had assembled his political team and was prepared to spend from his personal fortune to unseat Davis, a long-term veteran of California politics.