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Lee has twice won the top Golden Lion prize at the ceremony, for Brokeback Mountain in 2005 and Lust, Caution two years later.
Organisers said: "Ang Lee is one of the most successful directors in creating a dialogue between the filmmaking culture of the East and West, and is one of the most highly-awarded directors of recent years."
They added that Lee is "one of the most highly appreciated international filmmakers".
The 66th Venice International Film Festival runs from September 2 to 12 and will include a lifetime achievement award for Pixar creative officer John Lasseter.
Darren Aronofsky's Oscar-nominated movie The Wrestler won the Golden Lion at last year's ceremony.
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