One of the notable omissions from this year's nods that were announced today, Franco was expected to be nominated in the Best Actor category for his portrayal of filmmaker Tommy Wiseau in "The Disaster Artist", which he directed.
The 39-year-old actor was also in contention to get his maiden nod in the Best Director category for the film.
The movie, however, scored a nomination, a single one, in the Best Adapted Screenplay category.
Franco has been accused of harassment by five women. The claims surfaced post his Best Actor in a Musical or Comedy win at the Golden Globes for "The Disaster Artist".
Franco was accused online and in The Los Angeles report, after he showed up wearing the 'Time's Up' pin, like many other stars in Hollywood at the Globes.
The 'Time's Up' campaign was launched by women in Hollywood to fight against sexual harassment in the wake of Harvey Weinstein expose.
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