Directed, produced, and written by Moulin Rouge! filmmaker Baz Luhrmann, the adaption of a tale that centers on the prosperity in America immediately following the first world war also features Tobey Maguire, Joel Edgerton, and Isla Fisher.
Luhrmann has previously taken on classic tales, as he also directed, produced, and wrote the 1996 adaption of Shakespeare's ageless love story Romeo and Juliet, starring DiCaprio and Claire Danes.
"It is a great honor for all those who have worked on 'The Great Gatsby' to open the Cannes Film Festival," the Australian filmmaker said in a statement. "We are thrilled to return to a country, place and festival that has always been so close to our hearts, not only because my first film 'Strictly Ballroom' was screened there 21 years ago, but also because F. Scott Fitzgerald wrote some of the most poignant and beautiful passages of his extraordinary novel just a short distance away at a villa outside Saint-Raphaël."
As noted in the press release, this year's Cannes Film Festival will mark the first time since 2007 that DiCaprio attends the festival, most recently attending for the documentary The 11th Hour.
The special occasion will also bring out rapper Jay-Z, who is said to be writing the score for the film despite composer Craig Armstrong being listed as producer of the film's music. Portions of Jay-Z's of "No Church in the Wild" have been used in the film's trailers.
The Great Gatsby is set for international release the say day it opens the Cannes Film Festival, May 15.