Silverstein, who died in 1999, penned several children's book and won two Grammy Awards for his work as a lyricist.
Chris Shafer and Paul Vicknair will pen the script, which will be adapted from the book "A Boy Named Shel" by Lisa Rogak, reported Variety.
The movie will focus on the personal and professional struggles that made Silverstein a unique voice.
Franco will also executive produce the project along with Vince Jolivette and Adrian Alperovich.
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