Arnold Schwarzenegger would be seeking reelection in California if it weren’t for the term limits that are stopping him.

Arnold’s term ends this year in 2010, so everyone is speculating both about what he will do next outside of the Governor’s office, and who will replace him inside it. It’s not yet known whether he will stay in politics or jump back into acting, although he will make at least one movie appearance with his cameo in Sly Stallone’s “The Expendables.”

One rumored contender for his post is Meg Whitman, Republican business executive who recently resigned from Ebay.