There’s official statement on next installment(s) of Conan. The original 1982 movie made Arnold Schwarzenegger a star (and grossed over 100M in the process).
A rep for Warner Bros said (for IGN):
All the talk about Arnold Schwarzenegger being in two more Conan films is premature at this point. First, Governor Schwarzenegger has to finish off his term and then he can announce what his plans are.
The only thing I can tell you at this time is that the WB does want more than one Conan film since the property is seen as a franchise which has spawned toys, comic books, video games etc. I can also tell you that if Arnold wants to make two more Conan films, we will gladly make that deal happen.
I’m not sure how much of Arnie’s term is left but I hope in the next election California voters “let” him focus on his movie career. I love the original Conan! Also, cut his budget so he’s forced to do the filming in Bulgaria!