James opened up to Howard Stern on this SiriusXM show on Monday about that very subject.
"You turned down sex with Lindsay Lohan, didn't you?" Stern asked Franco. "Back then when she was a lot hotter?"
"Oh, gosh. Poor Lindsay," Franco replied. "I haven't talked to her in a while. . . We were friends."
"My house in L.A. was being redone, so I did this thing where I just stayed at the hotel, and she had been living there for a couple years," Franco recalled.
"I mean, I don't want to brag about it, I don't know how that got out... was having issues even then, so you feel weird," Franco explained. "Honestly, she was a friend. I've met a lot of people that are troubled and sometimes you don't want to do that."
And would he admit to dating his current girlfriend, Ashley Benson?
"Let's say I'm dating," Franco said coyly. "I'm getting older. I would like a long-term relationship."
Time will tell.