The former Governor of California has said his first season will be his last and blamed the President for the show’s poor ratings.
He claimed people were choosing to boycott the show due to its connections with Mr Trump and said he “doesn’t want to do it again”.
“Even if asked, I would decline,” Schwarzenegger told Empire magazine. "I learned a lot, I had a great time, it was a really great opportunity. But under the circumstances, I don’t want to do it again.”
“With Trump being involved in the show people have a bad taste and don’t want to participate as a spectator or sponsor or in any other way support the show.
“It’s a very divisive period right now and I think the show got caught up in all that division," he added.
He also blamed Mr Trump for the show’s poor performance.
“It’s not about the show. Because everyone I ran into came up to me and said ‘I love the show…but I turned it off as I read Trump’s name I’m out of there,” Schwarzenegger said.
“When people found out that Trump was still involved as executive producer and was still receiving money from the show, then half the people [started] boycotting it."
Schwarzenegger has since clarified his comments in a statement via Variety, stating: “I loved every second of working with NBC and Mark Burnett. Everyone - from the celebrities to the crew to the marketing department - was a straight 10, and I would absolutely work with all of them again on a show that doesn’t have this baggage."
The pair have clashed over the show in recent months and Mr Trump criticised the Terminator actor for his performance as the host of the Celebrity Apprentice.
“Wow, the ratings are in and Arnold Schwarzenegger got “swamped” (or destroyed) by comparison to the ratings machine, DJT,” Mr Trump wrote.
“So much for being a movie star-and that was season 1 compared to season 14. Now compare him to my season 1. But who cares, he supported Kasich & Hillary”.
Schwarzenegger responded to the tweets by posting a video of himself quoting Abraham Lincoln’s 1861 inaugural address.
“I wish you the best of luck and I hope you'll work for ALL of the American people as aggressively as you worked for your ratings,” Schwarzenegger tweeted.
“Please study this quote from Lincoln's inaugural, @realDonaldTrump. It inspired me every day I was Governor, and I hope it inspires you.”