The 127 Hours star, who portrayed Harry Osborn and his alter ego villain Green Goblin in Raimi's trilogy, admits he wasn't a fan of Andrew Garfield's turn as the web-slinging superhero in The Amazing Spider-Man because the the only difference in the plotline was the baddie.
He tells MTV.com, ""Eh, I mean, they could have strayed a little bit more from the original. It's like, 'Why?' Well, I guess they made a lot of money. Congrats. But good for them...""
Rhys Ifans played the Lizard in The Amazing Spider-Man, which raked in a staggering $752 million (£470 million) worldwide.
Webb is planning a second and third installment in the new franchise, which will see actor Dane DeHaan take on the part of Osborn in its upcoming sequel.
Tobey Maguire was cast as the titular superhero in Raimi's series.
Franco and Raimi have since reteamed to work on another big screen project, Oz the Great and Powerful, which is set for release in March (13).