Arnold Schwarzenegger -- I'll Be Back as Host of 'Celebrity Apprentice'

9:45 A.M. PST -- Trump just congratulated Arnold, tweeting "He'll be great & will raise lots of $ for charity." He added, "To all my fans, sorry I couldn't do The Apprentice any longer -- but equal time (presidential run) prohibits me from doing so. Love!"

They're gonna need bigger chairs in the boardroom -- Arnold Schwarzenegger is taking Donald Trump's seat as the boss on "The Celebrity Apprentice."

NBC announced Arnold's new gig on Monday morning, and says he'll start calling the shots on the show during the 2016-17 TV season.

It's a pretty brilliant hire that checks off several boxes -- A-list celebrity, huge success in his chosen profession, already has a catchphrase ("Hasta la vista"), and don't forget ... he's an immigrant. As we first reported, NBC was considering hiring a minority for the role -- not that Austrian exactly fits that bill.

Also interesting ... they got a former politician to replace the guy who left to run for office.