According to Deadline , the actor's Rabbit Bandini Productions has acquired the rights to The Disaster Artist: My Life Inside the Room - a book about the making of the movie.
© Dan Steinberg/Invision/AP
Released in 2003, The Room focused on the life and relationships of Johnny (Wiseau), a banker whose fiancée Lisa (Juliette Danielle) begins an affair with his best friend Mark (Greg Sestero).
Widely criticised for its poor production and bizarre plot holes, the movie - which was written, directed and produced by Wiseau - soon gained a cult following.
The Disaster Artist: My Life Inside the Room - penned by the film's star and co-writer Sestero, alongside journalist Tom Bissell - was published in October last year.
Franco will co-produce the adaptation, alongside Seth Rogen and Evan Goldberg via their Point Grey Productions.
Rogen and Goldberg recently recruited Franco to voice a character in their upcoming animated film Sausage Party.
Watch a trailer for The Room below:
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