The status of Terminator 5 is still uncertain, after director Justin Lin backed out of the sequel back in September. Arnold Schwarzenegger is still believed to be attached as the Terminator, and director James Cameron recently revealed he consulted with the actor about this new sequel, saying that it needs to revolve around the T-800 character.
James Cameron consulted with Arnold Schwarzenegger on Terminator 5
"I was talking to him back in fall about a new Terminator film and quietly advising on that, I suppose you could say. I was trying to be as encouraging as possible. Frankly, at that time, I thought it needed to be more about him. I told him he should not do it until it's focused on his character or he shouldn't do it. I think there are some great stories that can be told about that character that haven't even been thought of yet."
Back in January, producer/financier Megan Ellison confirmed the sequel will be R-rated, "as God and James Cameron intended." There is still no screenwriter attached, and they haven't found a replacement for Justin Lin yet, so it isn't clear when this project will get off the ground.