Happy news for those hungering for a film charting the five ages of James Franco and Lindsay Lohan: it seems that James Franco is about to make one. The multi-hyphenate actor-artist-author-presenter is listed as the director of a forthcoming feature or "video/art project" and is calling for lookalikes to portray the two main subjects.

According to the casting notice posted on the Actors' Access website, producers of the project are desperately seeking "Lindsay Lohan types" and "James Franco types" who are aged 13, 21, 30, 45 and 60. Those selected will then take their place in a film that examines the life of "two Hollywood celebrities". The project is being overseen by producers Vince Jolivette and Miles Levy – Franco's partners in his Rabbit Bandini production company.

Franco and Lohan worked briefly together on the 2006 comedy The Holiday and once discussed collaborating with the photographer Terry Richardson on a book of "explicit" erotica. Following three stints in rehab and a conviction for stealing a necklace, Lohan is currently on probation and is shooting a role in The Canyons, an independent thriller by Paul Schrader. Last year the 26-year-old actor told the New York Post that she and Franco are "like best friends. We're hanging out together".

Franco, 34, rose to fame courtesy of his role as Harry Osborn in Sam Raimi's Spider-Man trilogy and went on to win plaudits for his performances in Milk, Howl and 127 Hours. He is also a multimedia artist, has published a collection of short stories and teaches classes at New York University. His forthcoming projects include roles in Raimi's Oz: The Great and Powerful, a $200m prequel to The Wizard of Oz, and Harmony Korine's Spring Breakers.

For those unable to wait to see Franco's film about Franco, fear not. The actor can also be seen in Francophrenia (Or Don't Kill Me, I Know Where the Baby Is), a 70-minute collage of the star's occasional guest appearances on the American TV soap General Hospital. Produced by Franco's own Rabbit Bandini production house, Francophrenia debuted at this year's Tribeca film festival to mixed reviews.