The Austrian-born star of the Terminator movies, a well-known supporter of the Republican party, told the November edition of Talk magazine that he considered himself a "compassionate conservative" in the mould of George W Bush, the party's leading presidential candidate.

The release of the interview comes as speculation mounts over whether fellow actor Warren Beatty will run for the Democratic nomination.

Ronald Reagan: Quit Hollywood for the California governorship

The magazine asked Schwarzenegger, 52, if he might run for California governor in 2002, to which he replied: "Oh yeah, I think about it many times."

He said: "The possibility is there because I feel it inside. I feel there are a lot of people standing still and not doing enough. And there's a vacuum."

Schwarzenegger also said the Republicans needed to become more inclusive and show they "love the foreigner that comes in with no money as much as the gay person, as a lesbian, someone from the inner city."

He added California "has had governors that were not totally aligned with their party", and admitted he had "inhaled, exhaled everything".

If he does stand, he will be following the example of Ronald Reagan who quit the movie industry in 1964 and became California governor two years later. He won the presidential election on the Republican ticket in 1980, after twice unsuccessfully standing for the Republican nomination.

Schwarzenegger backed Reagan while he was in office, and George Bush named him chairman of a council on physical fitness in 1989.

Warren Beatty: May run for President

The former Mr Universe became an American citizen in 1983 after making his name in Conan The Barbarian in 1981. But it was 1984's Terminator which catapulted him to worldwide stardom.

Ironically, his family connections are with the Democrats. His wife Maria Shriver is a niece of John F Kennedy.

On Wednesday, Warren Beatty tore into both Republicans and Democrats in a speech in Beverly Hills, accusing them of being part of a "slow-motion coup d'etat of big money interests over the public interest".

He did not confirm or deny that he would attempt to run for president - but the 150-strong crowd of journalists dwarfed the attendance at any speech this year of the leading candidates from either party.

Last year Beatty - as well known for his love life as for his film career - won acclaim for playing a corrupt senator in the film Bulworth.

Actress Cybill Shepherd has also said she is thinking of running for president on an abortion rights platform.