VIDEO: Arnold Schwarzenegger Talks Replacing Donald Trump on CELEBRITY APPRENTICE

Actor and former California Gov. Arnold Schwarzenegger tells TODAY's Jenna Bush Hager that once Donald Trump began his run for president, he decided to "move in" to take over Trump's hosting duties on CELEBRITY APPRENTICE. Schwarzenegger reveals he still has not decided on a catchphrase to replace Trump's "You're fired," though "Hasta la vista, baby" is a contender. Watch the appearance below!

Sixteen celebrities are set to compete for their favorite charities when "The Celebrity Apprentice" shifts to Los Angeles for its eighth season, where twice-elected California governor and international movie superstar Arnold Schwarzenegger reigns over the Boardroom. The series premieres Monday, January 2nd at 8/7c on NBC

Advising the new head of the Boardroom this season will be world-class business minds, including investment guru Warren Buffett, one of the most successful businessmen in the world; former Microsoft CEO and Los Angeles Clippers owner Steve Ballmer; Tyra Banks, a supermodel, actress, TV host, producer, accomplished businesswoman and CEO of the Tyra Banks Company and cosmetics brand, TYRA Beauty; actress, author and entrepreneur Jessica Alba, the founder and chief creative officer of The Honest Company and Honest Beauty; and Schwarzenegger's trusted confidante and nephew, prominent entertainment attorney Patrick Knapp Schwarzenegger.

Image courtesy of NBC