NEWS: James Franco And Winona Ryder For 'The Stare'

James Franco has signed up for new film The Stare.

The 127 Hours actor will star alongside Winona Ryder in the movie, which is the first project from newly-founded production company Waterstone Entertainment according to Deadline.com.

The film stars Winona as a troubled playwright suffering mental problems as she tries to launch her new stage show and follows her as she slowly starts to lose her grip on reality becoming paranoid about being watched and plotted against.

James - who will also produce the project - will play one of the actors in her production.

The Stare will be directed by Jay Anania, who has worked with James before on Shadows And Lies, and heads the directing course at New York University's graduate film school, where he also taught the actor. The film will begin shooting on May 6 in New York.

Along with The Stare James recently signed up for Oz: The Great and Powerful and says one of the reasons was so he could work with Sam Raimi again.

The Hollywood star - who worked with the director on the Spider-Man movie series - said: "I love the idea of working with Sam Raimi again. Sam is a master of combining classic Hollywood character types and storylines and ideas, and then matching that with innovative technology".