James Franco and Seth Rogen will take on "The Disaster Artist" after years of development.

New Line is in negotiations to acquire "The Disaster Artist," a film that will see Franco direct the adaptation based on the making of the 2003 "The Room." The film is known as the worst film of all time.

Franco is slated to direct as well as star as Tommy Wiseau, the director and star of "The Room." The film has become a cult classic and plays every so often in theaters where audiences throw things at the screen. The film also got a lot of press and has made Wiseau an icon in cinema.

"The Disaster Artist" was written by Greg Sestero, who starred in "The Room", and Tom Bissell. The book describes Sesteros' work on the film and his life as a struggling actor.

Among the actors attached to star in the film are Dave Franco, who will play Sestero. Rogen, who recently starred in "Steve Jobs," is producing through Point Grey Pictures along with Evan Goldberg, Vince Jolivette and Franco.

The script will be written by Scott Neustadter and Michael H. Weber, who wrote "The Spectacular Now" and "The Fault in Our Stars." Production is slated to begin on a Dec. 7.

Franco has made a number of projects as of late as director including "Interior. Leather. Bar," "Zeroville," "As I Laying Dying" and "Child of God." He recently directed "The Sound and the Fury" and is currently in production for "King Cobra," directed by Justin Kelly. James Franco obtained an Oscar nomination for his work on "127 Hours" and was recently seen in "True Story," the festival selection "I Am Michael," "Queen of the Desert" and "Everything Will Be Fine."

Wiseau recently made a TV series entitled "The Neighbors" and is currently in post-production for "Cold Moon."