The actor, 38, is directing along with Bruce Cheung, reported Ace Showbiz.
Method Man, Suki Waterhouse, Margarita Levieva and Jeffery Wahlberg will star in the film as well. A previous report said Milla Jovovich would also be a part of the project to play a drug lord.
Based on an original short story by Franco and a screenplay by Cheung and Jay Davis, "Future World" will follow young Prince from the Oasis and a robot as they go on a daring journey of self-discovery through the violent and desolate world of the Wastelands.
"'Future World' is a mesmerizing story with the kind of boundary-pushing creativity unique to James," Iervolino said in a statement.
"When you have the combined talents and gravitas of Milla, Lucy, Method Man, Suki, Snoop, and James interwoven through a wild story - what unfolds on screen is unreal. This is going to be a fun project that plays universally.
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