The statues are all modelled on a smaller sculpture created in 1980, the year Arnold won his seventh Mr Olympia title, and cost around £100,000 each.
As many as seven of the statues will be made in total, with Tim Parks - the owner of TW Bronze, which is pouring the bronze for the statues – receiving a visit from Arnold, who told him he definitely wants "one for himself."
The 'Terminator' star even took a tour of Tim's operation, and told him "This is fantastic. This is fantastic," upon seeing the statues of himself. He only requested one minor change be made, that its patina be made a little darker.
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The first of the statues is being shipped to Thal in Austria, the town where Arnold was born, which houses a museum dedicated to him. The second is set for Columbus, Ohio, where the Arnold Fitness Weekend – inspired by the star - is an annual event.
The third completed statue will be given to the former Governor of California.
When the subject of how many should be made in total, Tim suggested it "ought to be your number," in reference to the seven Mr Olympia titles he earned from 1970 to 1975 and again in 1980, to which Arnold replied: "perfect".
Arnold, 64, is currently locked in a divorce battle with his wife, Maria Shriver, after it emerged he had fathered a child with their housekeeper, Mildred Buena, and he has also moved back into acting, with roles line up in 'The Expendables 2' and he is currently in talks to appear in independent film 'Captive'.