The actor will co-host the Oscars – plus on Tuesday he scored a leading actor nod for 127 Hours for the 2011 Film Independent Spirit Awards. The film was also nominated for best feature and will compete against Black Swan, Winter's Bone, The Kids Are All Right and Greenberg.
Winter's Bone dominated the nominations with seven nods, while 127 Hours, Black Swan and The Kids Are All Right also took multiple nominations.
Natalie Portman (Black Swan) also nabbed a leading actress nod, as did Annette Bening for The Kids Are All Right; Greta Gerwig for Greenberg; Nicole Kidman for her role in Rabbit Hole; Michelle Williams for Blue Valentine and Jennfier Lawrence for Winter's Bone.
In the leading male acting category, Franco will compete with Ben Stiller (Greenberg); John C. Reilly (Cyrus); Aaron Eckhart (Rabbit Hole) and Ronald Bronstein (Daddy Longlegs).
The ceremony will be held on Saturday, Feb. 26, 2011. The show will air live on the cable channel IFC at 10:00 p.m. ET/PT. For complete list of nominations, visit SpiritAwards.com.