Scott Rudin will produce.
Kidman will portray Princess Kosmonopolis with Franco as Chance Wayne.
Nicole Kidman, who received an Academy Award for her work in "The Hours," was also nominated for her role in "Moulin Rouge." The actress made her Broadway debut in The Blue Room. Kidman's other screen credits include lead roles in "Nine," "Australia," "Bewitched," "Cold Mountain," "The Others," "Eyes Wide Shut," "Malice," "Far and Away," "Dead Calm" and "Days of Thunder."
Franco, who has appeared in "Milk," "Howl" and "Spider-Man," is currently studying film production at the Maurice Kanbar Institute of Film & Television at New York University. He is currently nominated for an Academy Award for his performance in "127 Hours."
Williams' Sweet Bird of Youth debuted in 1959 at the Martin Beck Theatre with Paul Newman as Chance Wayne and Geraldine Page as Princess Kosmonopolous. Both stars reprised their performances in the 1962 film.
Sweet Bird of Youth, according to previous production notes, "tells the story of a drifter, Chance Wayne, who returns to his home town with a faded movie star, Princess Kosmonopolis, hoping she will be the source of re-uniting him with his childhood sweetheart, Heavenly Finley," according to Studio notes. "Chance has no idea that his past actions have damaged Heavenly's life or that her Mayor father has sworn out an edict on him."