The 38-year-old actor would serve as executive producer and may direct the project as well, reported Deadline.
The story is set in small-town rural Maine. It revolves around a blue-collar mechanic Alden McCausland (Franco), who competes with a retired mob boss Nicky Serrano when Nicky moves in across the lake from Alden and his mother.
When Nicky ruins Alden's Fourth of July fireworks show, Alden puts on the best to beat Nicky the next year in town's annual fireworks competition known henceforth as the "Forth of July Arms Race".