Veteran Hollywood artiste Meryl Streep is going to be honoured with the prestigious honorary Palme d'Or at the opening ceremony of the 77th Cannes Film Festival. Meryl will also serve as the guest of honour for this year's ceremony which will take place on the stage of the Grand Theatre Lumiere on May 14.

This award marks Streep's celebrated return to Cannes after many years, with her previous visit tracing back to 1989 when she clinched the Best Actress award for Fred Schepisi's "Evil Angels a Cry in the Dark".

This year's festival is notable for its star-studded lineup including the likes of George Lucas, who will be honoured with the same award at the festival's conclusion.

Notable films such as Francis Ford Coppola's "Megalopolis" and Paul Schrader's "Oh, Canada" are competing, while George Miller's "Furiosa: A Mad Max Saga" and Kevin Costner's "Horizon, an American Saga" will be featured outside of competition. 

Additionally, Greta Gerwig, director of "Barbie" and Streep's collaborator on "Little Women", will serve as the jury president.

"To win a prize at Cannes, for the international community of artistes, has always represented the highest achievement in the art of filmmaking. To stand in the shadow of those who have previously been honoured is humbling and thrilling in equal part. I so look forward to coming to France to thank everyone in person this May," Meryl Streep expressed in her statement.

Festival officials, Iris Knobloch and Thierry Frémaux, also shared their enthusiasm stating "We all have something in us of Meryl Streep!" "We all have something in us of 'Kramer vs Kramer,' 'Sophie's Choice,' 'Out of Africa,' 'The Bridges of Madison County,' 'The Devil Wears Prada' and 'Mamma Mia!' She has transcended nearly five decades in film, encapsulating countless cinematic treasures, and is a part of our collective cinematic heritage," they added in their joint statement.

Streep, known for her discretion and rare festival appearances, has been a target for Frémaux's persistent invitations, aiming to celebrate her expansive and dynamic career. In addition to the tribute, Streep may participate in a panel discussion during the festival. She follows Michael Douglas, last year's recipient of this accolade.

Streep's formidable filmography includes 21 Oscar nominations with three wins for "Kramer vs. Kramer," "Sophie's Choice," and "The Iron Lady." Her remarkable performances span from her breakthrough role in "The Deer Hunter" to memorable roles in "Out of Africa" and "The Bridges of Madison County." She has also shown versatility in lighter roles like in "The Devil Wears Prada" and "Mamma Mia!"

The 77th edition of the festival, which will open with Quentin Dupieux's "The Second Act", will be hosted by Camille Cottin, and will showcase a variety of highly anticipated films including Yorgos Lanthimos' "Kinds of Kindness", Jacques Audiard's "Emilia Perez," Paolo Sorrentino's "Parthenope", David Cronenberg's "The Shrouds", Ali Abbasi's "The Apprentice", and Coralie Fargeat's "The Substance".

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The Cannes Film Festival is scheduled from May 14 to 25 this year.