In the picture, the 36-year-old actor appears to be shirtless next to Pretty Little Liars star Keegan Allen.
"BED SELFIE WITH KEEGAN ALLEN!!!!! TIME TO GO NUTS!!!!" the Oscar-nominated actor captioned the pic.
Allen and Franco costar in the upcoming film Palo Alto, which is based in Franco's short stories. E! News reports that the two got together as Allen traveled to NYC to watch Franco in the Broadway play Of Mice and Men.
The Gia Coppola-directed film premieres at the Tribeca Film Festival Thursday.