Franco is aiming to play the title role, Buster Rant Casey, a murderous demolition driver who takes part in the Party Crashing derby.
Franco and his Rabbit Bandini partner Vince Jolivette are eyeing Pamela Romanowsky to write the script and direct.
As previously reported, Of Mice and Men, starring Franco and Chris O'Dowd, will be screened in over 700 cinema venues across the U.S. and Canada Nov. 5.
"This is your sign if you're a younger actor wanting to pursue this, that it's possible and you can do it and not to give up."
The album, featuring Broadway cast Josh Gad and Andrew Rannells, is due out in May.
Del Aguila recently went viral for posting a video of offstage antics.
Plus, the opening night attendees included Melissa McCarthy, Sara Bareilles, D'Arcy Carden, Meena Harris, Dylan Mulvaney, and Lin-Manuel Miranda.
Eddie Redmayne and Gayle Rankin lead the cast of the revival, opening April 21.
Jennifer Holliday, Norbert Leo Butz, and Donna Murphy are among those set to perform the Stephen Sondheim-James Goldman musical for Transport Group.
The awards will be presented in May at the Guild's annual ceremony at Sony Hall.
The move will give public and charter school graduates access to low-cost tickets to theatre around NYC.
The Nicholas Sparks novel comes to New York with a score by Ingrid Michaelson and a book by Bekah Brunstetter.
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