He tells the publication, "Some people think I'm gay because I've played these gay roles... but it's not true... I'm not gay.
"I'd tell you if I was. I guess the reason I wouldn't is because I'd be worried that it would hurt my career. I suppose that's the reason one wouldn't do that... But no, that wouldn't be something that would deter me. I'm going to do projects that I want to do."
James Franco is also keen to clear up rumours suggesting he's "a stoner" - thanks to his drug-seller role in Pineapple Express.
He adds, "Everyone thinks I'm a stoner... (but) I don't smoke pot."