James Franco -- a man of many talents and occupational endeavors -- is the subject of performance artist Marina Abramović's first film. 

The woman who describes herself as the "grandmother of performance art," told Elle [3] at the Independent Spirit Awards on Saturday that she is in the early stages of creating a film to answer the question: "Who is James Franco?"

Also read: James Franco Travels By Bubble in 'Oz the Great and Powerful' (Video) [4]

"I think he’s the most interesting actor of the moment," she said. "Why? Because he takes risks and when you take risks, you can fail. But he takes failure and risk all with the same intensity. He could just be another Hollywood actor and that’s it–like everyone else. But he’s crossing all kinds of borders and not always with great success. For him, process is more important than the result."

On top of acting in a number of high-profile films and being nominated for an Oscar in 2011 the same year he co-hosted the Academy Awards with Anne Hathaway, Franco is a published author, director, producer, editor and even a college teacher.

"And this is why I'm interested to explain to [people] 'Who is James Franco?' and 'Why is he doing what he’s doing?'" she continued. "He hardly sleeps or has a life. He just keeps going."

The Serbian artist, who won the Golden Lion at the Venice Biennale in 1997, is known for her provocative work, including her 2002 "Nude With Skeleton" in which a naked man (or woman) lies flat underneath a human skeleton.

Abramović has been friends with Franco since 2010 and appeared with him on an episode of the Sundance Channel's "Iconoclasts" last fall. She attended the the Spirit Awards to support the film, "Marina Abramović: The Artist Is Present," which was up for best documentary. The film documented her work, including a 736-hour, 30-minute performance at the Museum of Modern Art in which she sat at a table without moving while museum visitors lined up to sit opposite her in the museum atrium. 

Franco will next be seen on screen in March as the titular character in "Oz the Great and Powerful" and as Hugh Hefner in "Lovelace."