The 61-year-old has both US and Austrian citizenship. However, he is ineligible to run for US President because he isn't born in America.
The ex-body builder has in fact told his home country, "I'll be back...as President."
Austrian politicians are also keen on Arnold coming back to the country for the 2010 presidential elections.
Nikolaus Berlakovich of the Austrian People's Party (ÖVP) confirmed: "Yes, we are backing a Schwarzenegger candidacy.
"He is an excellent and extremely successful politician," The Daily Star quoted him, as adding.
Franz Voves, the Governor of his home province in central Austria, also expressed joy and praised the actor turned politician, "I raise my hat to Schwarzenegger. It is unbelievable what the man has made of himself."