A University of Houston representative said Franco plans to enroll in its doctoral program in literature and creative writing in September of 2012.
The school said only 20 writers are admitted to the graduate program each year, out of 400 applicants.
Franco, 33, has been notably busy of late. In February, he co-hosted the Academy Awards with actress Anne Hathaway, where he was also nominated for his starring role in "127 Hours."
Last fall, he published "Palo Alto: Stories," a book of short stories named after the Californian city where he was raised. He pursued an MFA from Columbia and is currently a PhD student in English at Yale University. He has also taught or studied at a growing list of other academic programs.
According to the UH website, Franco must complete 45 hours of coursework and a dissertation, among other requirements, to receive the degree.