He said he will relinquish his title as executive editor of Muscle & Fitness and Flex magazines and will forego any compensation.
"I don't want to be paid," Schwarzenegger said in a telephone interview with the AP.
"The decision is to discontinue the relationship we have now," he said. "I will continue promoting body building and fighting obesity..."
The governor was forced to defend his contract with the magazines after a securities disclosure filed this week showed he would be paid at least $1 million a year for five years to act as a consultant.
Last year, Schwarzenegger vetoed a bill that would have regulated the use of performance-enhancing substances in high school sports. That led some lawmakers to accuse the governor of having a conflict of interest: acting on legislation that could hurt business in the nutritional supplements industry while at the same taking millions from magazines that rely on the same industry for most of their profits.
The bill's sponsor, state Sen. Jackie Speier, D-Hillsborough, on Thursday called on Schwarzenegger to sever his ties with the magazine.
On Friday, Schwarzenegger said he wanted to leave no doubt that "the people have my full devotion."
Schwarzenegger's deal with a subsidiary of American Media Inc., Weider Publications, was disclosed in March 2004. But the amount he was being paid wasn't made public until the company filed documents on Wednesday with the Securities and Exchange Commission.
At the time of the announcement, Schwarzenegger said he would take a salary that was "petty compared to the movies." The magazines also agreed to donate $250,000 a year to the California Governor's Council on Physical Fitness.