Wes Anderson's new comedy Moonrise Kingdom, starring Edward Norton, Bruce Willis and Bill Murray, will open the festival, whose line-up was selected from over 1,700 submitted films.
The full line-up for the Festival de Cannes 2012 has been announced, with films starring Robert Pattinson, Brad Pitt and Nicole Kidman set to screen.
Lee Daniels' The Paperboy, Ken Loach's The Angel's Share and Andrew Dominik's Killing Them Softly are all up for the coveted Palme d'Or, with Pitt expected in Cannes for the latter.
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Pattinson's Twilight co-star Kristen Stewart will also be in the south of France this May as Walter Salles' long-awaited adaptation of Jack Kerouac's On the Road competes for the top prize at Cannes.
British actor Tim Roth heads the jury for the Un Certain Regard prize, with Xavier Dolan and Moussa Toure among the nominated filmmakers.
Films screening out of competition include Madagascar 3: Europe's Most Wanted and new efforts from Bernardo Bertolucci and Takashi Miike.
Marilyn Monroe adorns the official poster for this year's festival, with the Cannes event celebrating its 65th anniversary in May, 50 years after her death.
Meanwhile the late Claude Miller's final film Therese Desqueyroux, starring Audrey Tautou, will close this year's event, it was confirmed today.
A statement from festival organisers said: "By dedicating the closing night to him, the Festival de Cannes, along with his family, friends, producers, and distributors, is very pleased to pay tribute to the memory of Claude Miller.
"This film is the final piece in his immense body of work, to which the Festival de Cannes and the director's many admirers will pay tribute."