UPDATE: An official press release has been sent out with more details, including the synopsis, which specifies what role Arnold would be taking:

Loosely based on Lloyd Kaufman’s classic Troma franchise, THE TOXIC AVENGER is the tale of a high-school kid who gets dunked in a vat of toxic waste by a corrupt chemical company. He survives the ordeal with one major side effect: upon contact with toxic chemicals, he transforms into a monster with superhuman strength. Schwarzenegger would play "the Exterminator," a former black ops agent, who trains Toxie to use his powers for good. Together they take on the lurking menace created by the polluters, and the polluters themselves.

So, yeah, that clears that up. I'd rather have seen Arnie as the villain, but I suppose a "former black ops" agent will do.

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You can just chalk this up as WTF casting news of the day. Apparently, Ah-nuld is in negotiations to join the Steve Pink-helmed reboot of THE TOXIC AVENGER, but not as the titular character. There's no details on what role he would be taking, but my money is on the villain role, potentially as the evil Mayor Belgoody from the 1984 Troma pic. The reboot is written by Pink (HOT TUB TIME MACHINE) and Daniel C. Mitchell and is described as "an action adventure geared toward mainstream auds."

Hmm. Mainstream and THE TOXIC AVENGER don't really mix too well, but I'll give the benefit of the doubt. However, if you're going to adapt a Troma film, you should...just not. I mean, let's face it, the greatness of the Troma brand is the low-budget shlock that it is, complete with over-the-top gore, nudity, and ridiculousness. I just don't know how you translate that to "mainstream audiences" without it just being an exceptionally loose translation, which is likely what we're looking at here.

That doesn't mean it couldn't be cool, it just won't be something you hold side-by-side to the original, which is the first Troma film I ever saw as a kid. It left me shocked and bewildered at the time and I've grown to love it for all the things that make it a cult classic and a bonafide Troma pic. Could Schwarzenegger and Pink make something cool? Sure. But, at this stage, I'm predicting THE TOXIC AVENGER lite, complete with a superhero-themed plot and a PG-13 rating. Anyone want to take that bet?

More as this develops.