The film is an adaptation of David Kushner's Rolling Stone magazine article "Zola Tells All: The Real Story Behind the Greatest Stripper Saga Ever Tweeted," said The Hollywood Reporter.
Franco and Vince Jolivette are producing the project to be written by Andrew Neel and Mike Roberts.
Killer Films' Christine Vachon and David Hinojosa are also on board as producers.
Zola became popular on social media after she started ranting about her wild road trip to Florida with her friend Jessica, her boyfriend and others. The magazine published the article in November.
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