NBC declined to comment, but a source told Michael Ausiello that Franco will play himself and be involved in a faux romance with Jane Krakowski's Jenna.
Tina Fey had previously told Ausiello about a future storyline in just such a vein. "[Jenna gets] into a high-profile relationship with a movie star that is arranged by their agents," Fey said at the Emmys.
Meanwhile, SoapNet has a first look at what Franco's character on the ABC soap will look like. Still no word on who he's playing but the first airdate is Nov. 20.