The documentary will profile Gucci's creative director Frida Giannini and go behind the scenes at the fashion label, reports Variety.
Franco and Voros have previously worked together on other projects, including a Saturday Night Live documentary in 2010.
Actor Franco, who will next be seen in The Oz: The Great and Powerful, will produce the project with Miles Levy and Vince Jolevetti of Rabbit Bandini Productions.
He was previously the face of Gucci's men's fragrance line in 2008.
A release date for the documentary has not been confirmed.