Best of the worst ... Tommy Wiseau stars in <i>The Room</i>.

Best of the worst ... Tommy Wiseau stars in The Room.

Can James Franco turn the story of the worst film of all time into box-office gold?

The $6 million romantic drama The Room was a catastrophic disaster when it was released in 2003. Since then, it's gained a massive cult following on the late-night screening circuit, among an audience who take a so-bad-it's-good approach to the cinematic car accident.

And Franco's production company Rabbit Bandini has snapped up the rights to a memoir about making the film, written by one of the lead actors Greg Sestero, with Franco set to direct, co-produce and star in the adaptation.

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Tough sell ... James Franco set to make the movies about the worst-film-of-all-time, The Room. Photo: Getty Images

The Spring Breakers and 127 Hours star has hinted that his brother, Dave Franco - star of Now You See Me - could also feature in the movie. It will be co-produced by Seth Rogen and Rogen's long-time collaborator Evan Goldberg under their Point Grey Productions, according to Deadline.com.

The film will be based on The Disaster Artist: My Life Inside The Room, a memoir written by actor Greg Sestero about his experience of making the cult shambles under writer, director and actor Tommy Wiseau. The film loosely follows a love triangle between two friends, played by Wiseau and Sestero and a woman (Juliette Danielle) but was universally panned for an incomprehensible plot, bad acting and general bizarreness.

In a review of the The Disaster Artist on Vice.com in December, Franco said that rather than presenting the story as something to made fun of, he said it is "a great portrayal of hopefuls coming to Los Angeles to pursue their ambitions, and an even greater examination of what it means to be a creative person with a dream".

While The Room's many criticisms have included a claim that it's "the Citizen Kane of bad movies", famous names who have confessed to being huge fans include Paul Rudd, Jonah Hill and Kristen Bell.

Hot Fuzz and The World's End director Edgar Wright has said of The Room: "There is a magic about that film that is indescribable."