Zeroville is based on Steve Erickson's 2007 novel of the same name. The story follows Ike Jerome (Franco), an film-obsessed architecture student who moves to Hollywood in 1969. The character becomes a film editor, and encounters a range of people in the sex and drug-fueled industry.
Fox is slated to portray a Hollywood starlet with a troubled past who becomes a love interest and obsession for Ike. The actress most recently starred as April O'Neil in Teenage Mutant Ninja Turtles.
Franco previously adapted William Faulkner novels As I Lay Dying and The Sound and the Fury for film. The actor's last projects as director are Bukowski with Josh Peck and Black Dog, Red Dog with Olivia Wilde, Chloe Sevigny and Whoopi Goldberg.