The 37-year-old actor-filmmaker and Vince Jolivette will produce through their Rabbit Bandini Productions, reported Variety.
"The Help" actress Ahna O'Reilly is also on board and may take a lead acting role in the movie version of the novel published last year.
The story centers on six neighbors forced into an unlikely alliance without realizing that one of them is a killer who will do anything to protect his secret.
Last seen in Sony's "The Interview," for which he was executive producer, Franco has directed and produced "In Dubious Battle," based on John Steinbeck's 1936 novel and "The Long Home," based on William Gay's story.
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