Franks is coming off an injury-shortened campaign with the Gators. He revealed after the season that he would either transfer or enter the 2020 NFL Draft.
The 6-foot-6 signal-caller started all 13 games for Florida in 2018, throwing for 2,457 yards with 24 touchdowns and six interceptions.
Franks will battle Jack Lindsey, John Stephen Jones, and K.J. Jefferson for the starting job at Arkansas. The Razorbacks installed Sam Pittman as their new head coach following a tumultuous 2-10 season.
Florida and Arkansas are not scheduled to meet in the 2020 regular season.