The 35-year-old actor has allegedly collaborated with Playhouse West to launch Studio four at The Sherry Theater in Los Angeles, California, reported Deadline.
"Franco plans to run two classes every week, followed by additional guests, and will teach different acting techniques and a number of projects," a source said.
The 'Spring Breakers' star, who has earlier taught filmmaking, movie production and screenwriting, is planning to create good roles with his production company Rabbit Bandini Productions.
"Students will also get to show their stuff in front of Franco and Rabbit Bandini will cast roles directly from his classes," the source added.