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The Oscar-winning actor said he was looking forward to taking part in the event, which takes place between May 14 and 25.
He said in a statement: "In the last few years, it seems there has been a rejuvenation of cinema building worldwide; increasingly thoughtful, provocative, moving, and imaginative films by talented filmmakers: that a new generation of filmmaking may have begun.
"The Cannes Film Festival has long been the epicentre in the discovery of those new waves of filmmakers from all over the world."
Cannes artistic director Thierry Fremaux said that Penn "represents the independent American cinema as well as a vision of America which we like".
His latest directorial effort Into The Wild picked up four nominations for the 14th annual Screen Actors Guild Awards, commonly regarded as an indicator of Oscar success.
It was recently announced that Penn and wife Robin Wright Penn are divorcing after 11 years of marriage.
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