"We couldn't stand to be in the same galaxy together for a while. We truly, truly loathed each other," Stallone revealed on the Saturday, November 12, episode of The Jonathan Ross Show.
Although the men started off on a rocky path, the legendary actors are now the best of friends, even carving pumpkins together this Halloween.
"Myself and my great friend Arnold, @schwarzenegger spending time at his amazing office carving pumpkin heads for Halloween with Survival Knives!!! That’s what real ACTION guys do with their free time! Lol…," Stallone wrote in an Instagram caption alongside a heartwarming photo of the iconic duo on Friday, October 18.
In a recent interview with a news publication, the 76-year-old spoke kind words about Schwarzenegger, 75, stating how he is "very wise and loves to talk about philosophies which have got him to where he is."
"It's good to talk to a man who actually has put his money where his mouth is and he's achieved that," Stallone said about the Terminator actor. "Then we start goofing around and being crazy — just laughing at the old times."
"I told him, 'We are the last two tyrannosaurus.' We're the last two meat-eaters and there's not much beef left out there," the father-of-three continued. "So we better enjoy each other."
Stallone also addressed longtime rumors his old rival convinced him to star in the 1992 film, Stop! Or My Mom Will Shoot, with knowledge it would receive poor ratings.
"Stop! Or My Mom Will Shoot was supposed to be like Throw Momma From the Train with the mom as this really nasty piece of work. Instead you hire the nicest woman in Hollywood, Estelle Getty, who you wish was your mother. That's the end of that!" the Samaritan star recalled.
"Also, I had heard Schwarzenegger was going to do that movie and I said, 'I'm going to beat him to it.' I think he set me up," he added.
"It's 100 percent true. In those days we did all kinds of crazy things to get ahead in our rivalry," Stallone reflected. "Luckily for us and everyone else, today, we root for each other. Thank God, because we sure don't ever need another Stop! Or My Mom Will Shoot."
Things came full circle in his November 7 interview with The Hollywood Reporter when Stallone quipped, "At least I wasn't pregnant in a film, Arnold. We're even," referring to Schwarzenegger's 1994 movie Junior, a romantic comedy about the "world's first pregnant man."