A year ago, Pacificor acquired the rights to The Terminator franchise. It was believed that a sequel to Terminator Salvation would happen, although that is not the case. It seems the bidding war for the franchise, which Sony and Lionsgate were involved in, ended bitterly for both studios, which were both hoping to distribute future Terminator movies. Now it seems Universal is the most likely candidate for where the franchise will land.
William Wisher Jr., who co-wrote Terminator 2: Judgment Day, also has an extensive treatment for a fifth Terminator project, and an outline for a sixth movie as well. The time-travel element is brought back in this treatment, which sees a reunion for Sarah Connor and Kyle Reese from the first Terminator.
No deals have been signed with anyone at this time, including Arnold Schwarzenegger, so it isn't clear yet where this franchise is heading.
The Terminator was released October 26th, 1984 and stars Arnold Schwarzenegger, Michael Biehn, Linda Hamilton, Paul Winfield, Lance Henriksen, Bess Motta, Earl Boen, Rick Rossovich. The film is directed by James Cameron.