According to The Hollywood Reporter, Franzese will play Eddie, a member of San Francisco's nonprofit community, in a major arc when "Looking" returns in 2015. The publication also describes the role as a "love interest" for an unspecified character.
Franzese, 36, described his role as the "new bear in town" on Twitter.
Meanwhile, actor Russell Tovey tweeted a photo which showed Franzese (right) enjoying lunch with his "Looking" co-stars on Aug. 27.
Earlier this year, Franzese came out as gay in an open letter addressed to his "Mean Girls" character.
"You were proud of who you were; I was an insecure actor," he wrote in the letter, published on IndieWire. "You became an iconic character that people looked up to; I wished I’d had you as a role model when I was younger. I might've been easier to be gay growing up."