If you haven't watched "The Room," you've probably heard of it. The famously terrible movie from 2003 has become a modern folk legend because of its unfathomable awfulness and the mysterious circumstances under which writer-director Tommy Wiseau made it. Now James Franco is planning to cement its cult status even further by making a movie about it.

Deadline reported over the weekend that Franco's Rabbit Bandini Productions had bought the rights to "The Disaster Artist," a tell-all book about the production co-written by one of the stars of "The Room," Greg Sestero.

Franco posted about the acquisition on Instagram and provided some further details about his plans for turning "The Disaster Artist" in a movie, including casting himself and his brother Dave.

Based on how Sestero wrote the book, which focuses on the relationship between the actor and Wiseau, it seems likely that the younger Franco would take on the role of the former while his big bro play the bizarre writer-director.

James Francos' connection to "The Room" and "The Disaster Artist" dates back at least to the publication of the book, when he wrote a review of it for Vice. In the article, Franco compared the behind-the-scenes stories to a number of great films, including "Boogie Nights" and "Sunset Boulevard."

"Because this book, 'The Disaster Artist,' is about a bad movie, and because Tommy Wiseau could be so easily mocked, one can see how such a book could turn into a thin recounting of all the crazy things that happened, simply to make fun of them," Franco wrote. "Instead the book is both 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, and trying to make it come true in a form that is just as much a business, and an insider social group, as it is an art."

We're not sure yet when Franco plans on making the film, but "This Is the End" masterminds Seth Rogen and Evan Goldberg have already signed on as co-producers, so you can bet that when it happens, the story behind "The Room" will be insane.