Yes, that's WWE's wacky Canadian-Italian, Santino Marella, who'll be directed by a guy who also did DTV sequels to The Tooth Fairy and Dr. Dolittle. Technically, Larry the Cable Guy is top-billed, but second-billed Santino has gotta be the Arnold surrogate. Gotta be.
For those not familiar with Santino's acting, such as it is, he's actually pretty great at playing a doofus with a goofy accent, which is obviously the primary criterion here. Check out some of his work...
There's also going to be a fourth Marine movie - the first in the series to feature the same star as its predecessor, in this case the Miz, who'll costar with WWE diva Summer Rae, no doubt creating a goofy tie-in angle with Fandango.