Muscle Pharm, a sports supplement company owned in part by movie star and the former California Governor Arnold Schwarzenegger is being investigated by the Securities and Exchange Commission, Forbes magazine reported.

MusclePharm, which makes an array of fitness supplements and is a chief sponsor of the Ultimate Fighting Championships was issued a formal order of investigation by the SEC looking into "internal controls, disclosures of related party transaction settlements of claims including share issuances, executive compensation and disclosure of perquisites," a September 30th filing read, Forbes also reported.

"This investigation has absolutely nothing to do with Arnold Schwarzenegger and is totally unrelated to Mr. Schwarzenegger," the company spokesman said, adding that he would not comment any further about the inquiry.

There's no indication that the investigation relates to Schwarzenegger, as MusclePharm suggests, especially given the recency of their relationship," Forbes reported.

The company, founded in 2008, is run by CEO Brad Pyatt who owns 5.8% of the common shares.

Incidentally, the former governor has reportedly been lobbying to support to change the constitutional law, which would allow him to run for president in 2016, The New York Post reported.

"He is ready to file legal paperwork to challenge the rules," one source said.

Since Schwarzenegger is a native of Austria, he is prevented by the US Constitution to vie for the U.S. presidency. All amendments to the Constitution must be approved by two-thirds majority in the House of Representatives and the Senate.

Schwarzenegger's new film 'Escape Plan' co-starring Sylvester Stallone hits theaters on Friday.