The acclaimed director may be working on multiple new Avatar films, but that hasn't stopped James Cameron for taking a fresh look at his biggest franchise.

Deadline.com reports that Cameron is looking to resurrect his Terminator franchise in 2019, when the rights revert back to him.

Cameron sold the script for The Terminator for US$1 back in 1984 in order to get the film made, where it went on to be a smash hit. Though he directed the sequel in 1991, he has not been involved in the franchise since then.

Deadline says he will "godfather" the new installment, and is looking at Deadpool director Tim Miller to headline the project.

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There are no set plans just yet, with Skydance Productions bankrolling an "exploratory" look at what the new film could be, including talking to science fiction authors to help choose an appropriate story.

The Terminator franchise last hit the big screen in 2015 with Genisys, which was slammed by critics and bombed in the United States, but was a hit in China.

One of the titular Terminators from the sci-fi franchise. Photo/Supplied
One of the titular Terminators from the sci-fi franchise. Photo/Supplied

The report from Deadline suggests this sixth movie will be a "reboot and a conclusion", raising the possibility that Cameron will end the battle between humans and Cybernet on his own terms.

While Cameron will not regain all the rights - which were brought in 2011 by Annapurna Pictures - it will be enough for him to make a new movie.

As it is in early stages, there are no hints yet on whether or not Arnold Schwarzenegger will appear, having featured as one of the titular Terminators in four of the five movies so far.

So far, the franchise has made US$1.8 billion at the international box office. Poor reviews for the last three movies have stopped them from reaching the heights Terminator 2: Judgement Day, which made over US$500 million worldwide upon its release.

Cameron, who this year will celebrate the 20th anniversary of his multi-Oscar winner Titanic, is scheduled to begin work on Avatar 2 in New Zealand in April.