Franco will receive the award at a roast Feb. 13 by the Hasty Pudding -- the nation's oldest undergraduate drama troupe.
The 31-year-old actor was nominated for a Golden Globe for his supporting role in "Pineapple Express" and starred opposite Sean Penn in "Milk." He has appeared in TV's "Freaks and Geeks" and the "Spider Man" trilogy and portrayed James Dean in the TNT biopic.
For his performance in "Milk," he was nominated for a 2008 Independent Spirit Award in the category for Best Supporting Actor.
Renee Zellweger will be honored as the Hasty Pudding Woman of the Year on Thursday. Last year's honorees were Christopher Walken and Charlize Theron.