American actor Robert De Niro will be the president of the jury for the main competition and French filmmaker Michel Gondry will head the jury for the short film competition.
Other contenders include Pedro Almodovar's Skin I Live In, starring Antonio Banderas, and former Palme d'Or winner Lars Von Trier's Melancholia are also on the competition list.
The opening film is scheduled to be Midnight in Paris, written and directed by Woody Allen. Mélanie Laurent will be the hostess of the opening and closing ceremonies. The winner receives a 30,000 Euro grant to assist in the films distribution.
Italian filmmaker Bernardo Bertolucci, best known for his controversial film "Last Tango in Paris," was honored by the Cannes film festival on Wednesday in recognition of his long career. Two time Palme d'Or winner, Serbian director Emir Kusturica will serve as President of the Un Certain Regard Jury.
