James Franco has bought the film rights to a biography of actor Sal Mineo, a James Dean contemporary. (Associated Press)

Actor James Franco is making a strategically timed reappearance on long-running soap General Hospital.

Franco will reprise his role as an oddball performance artist on Feb. 25, two days before he co-hosts the 2011 Academy Awards with Anne Hathaway.

He has another General Hospital appearance scheduled for Feb. 28. He first played the artist Franco in 2009.

The 32-year-old actor also has ambitions to be a writer and director.

The Hollywood Reporter says he has bought rights to the life story of late actor Sal Mineo, a friend of James Dean and Natalie Wood who played opposite Dean in Rebel Without a Cause.

Mineo won an Academy Award nomination for Rebel and went on to roles in Giant, Exodus and The Gene Krupa Story. He was murdered in 1976 at age 37.

If Franco produces a Mineo biopic, it is likely to explore the actor's conflicted sexuality and relationship with Dean. Franco once played Dean, known for his distinctive teen roles, in a 2001 TV movie.

He says he has no plans to star in the Mineo film, but would like to direct.

Franco is also awaiting Academy Award nominations as he is tipped for a best actor nod in Danny Boyle's 127 Hours.

With files from The Associated Press