Clint Eastwood has been nominated for the Palme d'Or three times

The main focus of the annual event are films entered into competition, where the top prize is the Palme d'Or.

Eastwood's Mystic River, which stars Sean Penn, Tim Robbins and Kevin Bacon, is one of the more high-profile films vying for the prize.

The long-awaited competition shortlist also features Japanese director Kiyoshi Kurosawa who has entered Bright Future for the competition.

The prestigious French festival opens on 14 May with the remake of Fanfan La Tulipe, starring Penelope Cruz.

Welsh director Peter Greenaway, who has been nominated for the Palme d'Or three times, will present The Moab Story/The Tulse Luper Suitcase - Part 1.

Key films Palme d'Or competition films in full

And the director of Drugstore Cowboy and Good Will Hunting, Gus Van Sant, will be represented by the movie Elephant.

Previous Palme d'Or winner Lars Von Trier, who won for Dancer in the Dark, starring Bjork, in 2000, has entered Dogville which stars Nicole Kidman.

The jury which selects the Palme d'Or winner will be headed by French director Patrice Chereau and also features Bollywood actress Aishwarya Rai and Bosnian director Dani Tanovic.

Guest list

America will be represented on the panel by actress Meg Ryan and director Steven Soderbergh.

Last year the Palme d'Or was won by Roman Polanski's holocaust drama The Pianist.

Polish-born Polanski went on to win the best director Oscar at the 2003 Academy Awards, while leading actor Adrien Brody received the best actor award.

As well as a competition, Cannes is also a showcase for international movies.

The Matrix Reloaded, the sequel to the highly successful sci-fi movie, will receive its world premi�re on 15 May.

Wim Wenders, who was Oscar-nominated in 1999 for the documentary Buena Vista Social Club, will show The Soul of a Man.

Guests expected at the festival include Ewan McGregor, Lauren Bacall, James Caan, Charlotte Rampling and Laurence Fishburne.

Ex-husband and wife Tom Cruise and Nicole Kidman are also on the guest list, as is Cruise's partner Penelope Cruz.