The Oscar nominee ("127 Hours") will host and executive produce "James Franco Presents," which will take a look at the contemporary art world through Franco's eyes.
The series will use footage from the "Spring Breakers" star's personal life, including video diaries, documentary footage, no-budget art films and interviews with current en vogue artists.
It will debut sometime this fall.
Ovation confirmed the news early this morning, although Franco dropped hints earlier this week through a handful of posts on Instagram and Twitter.
"James Franco is the ultimate artist, so partnering with James is a dream come true for Ovation," said the network's chief creative officer Robert Weiss. "And, since Ovation's mantra is 'art is everywhere,' James is the perfect person through whom to introduce viewers to a modern, more inclusive definition of art."
In addition to the short-lived cult show "Freaks and Geeks," Franco's previous TV work includes a stint on "General Hospital," and a memorable guest spot on NBC's "30 Rock."
Franco's upcoming directorial efforts include "As I Lay Dying" and "Interior. Leather Bar." he can currently be seen in a cameo appearance as Hugh Hefner in "Lovelace" and will soon appear in Paul Haggis' "Third Person," "Homefront" with Jason Statham and Winona Ryder, and in Wim Wenders' "Every Thing Will Be Fine."