The 35-year-old star will be playing one of the lead roles in the stage production based on John Steinbeck's classic 1937 novel, reported Contactmusic.
Franco would star alongside British actor Chris O'Dowd, best known for his roles in 'Bridesmaids' and 'Girls', in the play, which will tell the story of two brothers who travel across California seeking field work during the Great Depression.
The 'Spring Breakers' actor is being lined up to play ambitious George, while Chris would play his sibling Lennie, who suffers from learning difficulties.
According to reports, producers hope 'Of Mice and Men' will begin rehearsals by February 2014 and open for business in April.