The 35-year-old will play a writer who accidentally causes the death of a child in the story, said Hollywood reporter.
His character then follows the footprints of the accident on his life as well as on the life of the child's mother for next 12 years.
Gian-Piero Ringel will produce the 3D movie through his and Wenders' production banner Neue Road Movies. Production is scheduled to begin on location in Montreal in August.
Wenders described the project as "a family drama, unraveling over the course of twelve years."
Franco is currently shooting for "True Story" opposite Jonah Hill.
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