Maguire, who has played the webslinger in three big-budget blockbusters, threw the fourth installment into jeopardy last week when he announced his decision to quit the franchise, along with director Sam Raimi.
Movie executives now plan to revive Spider-Man with a prequel, featuring a new cast.
Franco, who appeared in all three superhero movies, is convinced the Spider-Man series will continue to thrive -- and cites the Batman franchise, which has seen five actors play the Caped Crusader over the years, as an example.
He tells E! Online, "I don't have a problem with that (rebooting the franchise without Maguire). It worked out well for Batman, and comics themselves have different artists and writers. I think it's perfectly fine."
But the actor hopes movie bosses don't press on with plans to release the next film in 2012 -- because audiences will need a break to accept the new-look movie.
He adds, "I think for the viewers you want a little space so you can get everyone else out of your head."
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