Could Franco Be A Mets Player/Manager?

Marty Noble at The Mets Mailbag, answers a question that a Mets Fan sks. Can Julio Franco be the next player/manager:

I read somewhere that Julio Franco wants to play past 50 years old then become a manager. Any way he can become a player/manager?Who was the last guy to do that? Pete Rose? Joe Torre?
-- Lee S., Yorktown Heights, N.Y.

Franco can be a player/manager, but I'd think Willie Randolph's extended contract might be an obstacle. And Rose was the most recent player/manager in the big leagues -- August 1984 into August 1989 with the Reds. Torre managed the Mets, beginning May 31, 1977. His final game as a player was June 17 that year.