Near, far, wherever you are, Arnold Schwarzenegger believes that the heart does go on, the action movie legend revealed to Stephen Colbert during a hilarious interview on “The Late Show” this week.

Schwarzenegger took “The Colbert Questionert,” wherein Colbert asks A-list guests like Tom Hanks, Martha Stewart and Shaquille O’Neal questions that cut to the core of their true selves. After asking the meticulously selected series of questions — ranging from “What is the best sandwich?” to “What do you think happens when we die?” — Colbert tells each guest “You are known.”

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About halfway through this edition, Colbert asked Schwarzenegger, “What’s your favorite action movie?”

Schwarzenegger pondered for a moment. “I don’t know if it’s an action movie or not,” he said, “but my favorite movie, period, is ‘Titanic.’”

The answer drew laughs and applause from the live studio audience, as a quizzical Colbert processed it. “I guess it’s an action movie,” Colbert said. “There is a lot of action in it.”

Schwarzenegger then offered a choice that made a little more sense for the genre. “I think that probably ‘Terminator 2′ is my favorite action movie,” he said, “if it’s just action.”

MORE: Arnold Schwarzenegger’s 10 best movies ranked

He also joked he answered this to sell viewers on seeing the movie because he still gets paid whenever anyone does. “I get residuals, so if you go and see it again, I get residuals again,” he joked. “And my wife gets half, but what the hell?”

His love for “Titanic” may surprise some action snobs, but remember his buddy and “Terminator” and “True Lies” writer/director James Cameron also made it.

Kate Winslet stars as an aristocrat who falls in love with a kind but poor artist (Leonardo DiCaprio) aboard the historic British ocean liner that sank in the North Atlantic Ocean on April 15, 1912 after striking an iceberg during her maiden voyage.

At the time, it was the most expensive film ever made with a production budget of $200 million. But you never bet against James Cameron, because “Titanic” would become the highest grossing movie of all time, making more than $2.2 billion worldwide. Cameron has since broken his own record with 2009′s “Avatar,” which made $2.9 billion and remains the top grosser in box office history.

“Titanic” was nominated for 14 Academy Awards and won 11 including best picture and director.

As for “Terminator 2,” which we consider Arnold’s greatest film to date, it all came together for the actor/director pair in the superb sequel to the celebrated 1984 sci-fi masterpiece, this time finding Schwarzenegger as a cyborg, identical to the one who failed to kill Sarah Connor, sent from the future to protect her teenage son from a more advanced and powerful terminator.

Cameron upped the ante with groundbreaking special effects and exciting action, but Arnold’s acting chops took a leap, conveying more emotional depth than expected from a robot who understands humanity through a punk kid who scams ATMs and rocks out to Guns N’ Roses. But Arnold’s deadpan delivery of Cameron’s airtight script only enhance his inherent believability as a bonafide action star, solidifying an actor-director combo for the ages. If only the franchise had stopped here.

Watch the segment in the video above.