I honestly don't believe it, I just don't see this actually happening! according to Tom Arnold, (which is one of the main reasons not to believe it) James Cameron will be directing Arnold Schwarzenegger and Tom Arnold in a sequel to True Lies. Here is what The New York Times reports when talking with Tom Arnold.
Still, the future project Mr. Arnold said he's most excited about is a movie with a still-to-be-determined plot and script. "All I know is Jim Cameron's making it and Arnold" - Mr. Schwarzenegger - "and I are going to be in it, and it starts shooting in 14 months, the day after Arnold stops being governor of California," he said. "It's not going to be called 'True Lies II,' but it might as well be. I can live with that."
Personally as awesome as this would be, I think Arnold is making it all up. He wishes something like this would happen to him! True Lies was the best thing he has ever done! I think he's just screwing around with us. But ya never know, the entertainment industry is wacky like that. I just think after Avatar James Cameron is going to move on to something bigger and better, but maybe something like True Lies 2 would be a small relaxing film for him to make. What do you guys think?
Update from Cameron himself to AICN, and it's what I thought:
I think Tom was joking. There are no plans for a True Lies 2. I don't know about the creative direction thing... I'm always down for a good action/comedy ( actually we always classified the film as a "domestic epic"). But since September 11, I've never felt comfortable generating laughs with nuke-toting Islamic fundamentalist terrorists. True Lies, even though it has a cautionary thread underneath the pratfalls, is in a strange way a product of a more innocent time.
But if we ever do another True Lies, I wouldn't dream of doing it without Tom. He's a good friend and a very funny guy.
So there ya go.