The two actors have been cast in the new comedy "Why Him?" from 21 Laps and 20th Century Fox, according to Variety.
John Hamburg will direct from a screenplay co-written with Ian Helfer.
The comedy, according to the industry website, is "set over the holidays, when a Midwestern dad travels with his family to visit his daughter at college, and soon finds himself in a battle for her affections with her brash new tech billionaire boyfriend."
Franco made his Broadway debut in the 2014 revival of Of Mice and Men.
Cranston will next be seen on screen in “Trumbo,” which arrives in cinemas Nov. 6.