James Franco's Rabbit Bandini Productions has optioned book and life rights to The Disaster Room: My Life Inside The Room.

Franco is set to direct and co-produce the film adaptation of the memoire about making the film, which was written by Greg Sestero, one of the lead actors. The film's co-producers include Franco's Rabbit Bandini  partner Vince Jolivette, and Seth Rogen and Evan Goldberg's Point Grey Productions, says Deadline. Alongside this team, Ryan Moody has been tasked to write the script.

The Room cost U$ 6 million dollars and was a described as a catastrophic disaster when it was released in 2003. The film has since gained a massive following, especially during the late-night screening circuit and is revered by some for being so-bad-it's good, reports the SMH.

The film is based on The Disaster Artist: My Life Inside The Room, the memoir written by actor Greg Sestero detailing his experience in filming the movie under the tutelage of writer, director and actor Tommy Wiseau.

The Room is an independent romantic drama and unintentional comedy hit has gained a substantive cult following since its original release over a decade ago, and in many ways has come to define the "so-bad-it's-good" genre, says Screen Rant.

While the movie is considered a train-wreck, some famous fans of the movie include the likes of Paul Rudd, Jonah Hill and Kristen Bell.

This will not be James Franco's first director's gig. Some of his earlier projects include an acclaimed adaptation of William Faulkner's novel As I Lay Dying that was highly reviewed last year. The question on everyone's mind is, can Franco turn this bad movie into a box office hit? 

To date, there is no word on when filming and production will begin as Franco already has another project lined up, an adaptation of Faulkner's The Sound and the Fury.