The 40-year-old actress confirmed as much Wednesday on Instagram after news outlets broke word of her casting. Franco, 38, will star with Jovovich and also co-direct with Bruce Thierry Chung.
"Had so much fun on set last week, filming this post apocalyptic fairytale #futureworld with @jamesfrancotv. I can't wait for you all to see it!" Jovovich wrote.
Future World takes place in a post-apocalyptic world "plagued with heat, ravaged by disease and crippled by chronic war," according to Deadline. Jovovich will play a drug lord, with George Lewis, Jr., aka Twin Shadow, in the role of Ratcatcher.
The film follows "a young boy of noble birth" as he seeks medicine for his dying mother and eventually confronts the world's Warlord. The character is accompanied by a "faithful bodyguard" on his dangerous journey.
Jovovich will next star in Resident Evil: The Final Chapter, the final installment in the Resident Evil film series. The actress will again reprise Alice after playing the character in five previous Resident Evil movies.
"I think Alice has really come into her own in this movie. We see sides to her that we've never seen in the other films!" she revealed during a Twitter Q&A in January. "Alice has finally embraced who she is and what she has become. She is more confident and strong."
Resident Evil: The Final Chapter opens Jan. 27, 2017, while Future World has yet to set a release date.