Peyton Reed (Bring It On) is reportedly circling the director's chair for the James Franco comedy Ricky Stanicky.  The news comes from Pajiba's usually-reliable "Hollywood Cog".  Billed as an R-rated comedy, Ricky Stanicky:

"begins when three teens pull a prank and burn down a house in their neighborhood. They create a fake person to take the blame – 'Ricky Stanicky'.  Twenty years later, the guys are using this alibi to get out of every uncomfortable situation. When their wives force them to set up a meeting with Stanicky, the guys hire an actor (Franco)."

If Reed takes the gig, it would be his first R-rated feature.  Reed most recently directed the 2008 Jim Carrey comedy Yes Man.  As for Franco, he'll next be seen this November in Danny Boyle's 127 Hours.