The documentary will go behind the scenes at the fashion label and profile its creative director Frida Giannini, reported Digital Spy online.
The duo have previously worked together on a 2010 Saturday Night Live documentary, among other projects.
Franco will produce the project alongside Miles Levy and Vince Jolevetti of Rabbit Bandini Productions.
The "Oz: The Great and Powerful" star was previously the face of Gucci's men's fragrance line in 2008.
Franco was recently reported to be interested in adapting LA Confidential author James Ellroy's crime thriller 'American Tabloid' for the big screen.
A release date for the Gucci documentary has yet to be revealed.
