Steven Spielberg will also be joined by directors Ang Lee, Lynne Ramsay and Cristian Mungiu, Cannes organisers have announced.
The Lincoln director will preside over the nine-person jury, which will also include Indian actress Vidya Balan, Japanese director Naomi Kawase and French actor/director Daniel Auteuil.
The festival will run between May 15 and 26, with the jurors' prizes being announced on the closing night.
Top contenders include Alexander Payne's Nebraska, Roman Polanski's Venus in Furs, the Coen Brothers' Inside Llewyn Davis and Steven Soderbergh's HBO movie Behind the Candelabra, according to The Wrap.
Other films in the lineup include Nicolas Winding Refn's Only God Forgives, Sofia Coppola's The Bling Ring and James Franco's directorial debut As I Lay Dying.
Watch Emma Watson in the latest trailer for The Bling Ring below: