His appointment to the jury was based on a recommendation from new festival director Alberto Barbera, Screen Daily reports.
This is the first time that Mann has chaired an international film festival jury.
The Venice jury's most prestigious prize is the Golden Lion, which was awarded to Alexander Sokurov's Faust last year.
The last film Mann directed was 2009 crime drama Public Enemies. He is reportedly attached to direct extortion thriller The Big Stone Grid.
The 69th Venice International Film Festival runs from August 29 until September 8 this year.
Watch a trailer for Public Enemies below: