Kate Hudson has been offered the title role in the film which is an adaptation of the Eric Danville book The Complete Linda Lovelace. As mentioned, Franco would play Traynor who was a pornographer and Lovelace’s husband during the time when she starred in the notorious 1972 porn blockbuster DEEP THROAT. Traynor was accused of a multitude of very serious and sick things, including having forced Lovelace into prostitution and gang rape while at gunpoint.
I should note that LOVELACE is an entirely different beast from INFERNO, the Lovelace project that at point starred Lindsey Lohan and now has Malin Akerman attached. Both films are said to be struggling to find funding.