Should be noted that he's 65 years old and while he's not completely flabby, his body isn't exactly 1982 level either. The movie will be called the The Legend of Conan, is a direct sequel to the first movie, so they're effectively de-rebooting the franchise or re-rebooting or restoring it to the last save point. They're also ignoring Conan the Destroyer. From what I can tell, the inspiration for LoC was the very end of Conan the Barbarian, where he's shown sitting on a throne with a crown on his head and so the new movie will carry off from that, showing an aged Conan.
I'm a bit mixed about this. On one hand, Conan the Barbarian was a great movie and if you've read some of the stories, it gets even better. On the other hand, I think it's a bit unfair to Jason Momoa. Insulting, to be honest. I know his Conan movie wasn't as well received as the original, but ditching him and it like this just comes off as a middle finger. I'm also not too thrilled about the idea (or the alcoholism-inducing mental image) of a senior citizen running around in a loin cloth and swinging a sword.
There are just some things a person should never have to see in their life. :P
Picture via The Blog That Time Forgot.