The remake will of the cult classic that was panned by the critics, will coincide with the original TV movie's 20th anniversary, reported Variety.
Amber Coney will pen the script of the new "Mother, May I Sleep With Danger?", with a story by Franco.
Melanie Aitkenhead will helm the project with Franco serving as the executive producer.
Lifetime has not announced any casting info, but according to the insiders Franco or Spelling would appear on-screen.
Originally planned for a theatrical release, after failing to find a distributor, "Mother, May I Sleep With Danger?" first aired on NBC in September 1996.