The book chronicles Waldie's youth as he grew up in the suburbs of Lakewood, Calif.
Apparently, Franco read the book while he was enrolled at UCLA and it stayed with him over the years.
Details are still being worked out, but the author himself sees the book as a potential documentary, a format Franco is no stranger to, having recently sold his "SNL" documentary "Saturday Night" to Oscilloscope.
The option news comes two weeks after Deal Central reported that Franco had purchased Stephen Elliott's "The Adderall Diaries: A Memoir of Moods, Masochism and Murder," which is obviously a much darker tale than "Holy Land."
Waldie recently retired after a long career working for the city of Lakewood. He is a contributing editor to the Los Angeles Times and has also written for Los Angeles magazine.
Jody Hotchkiss negotiated the deal on behalf of Chris Calhoun at Sterling Lord Literistic.
Franco is represented by WME and James/Levy Management.