We mentioned in our Cannes/Oscar preview that Fox Searchlight was circling Paolo Sorrentino's competition play "Youth." Well, they closed the deal. Last year's Best Picture victor adds the film to an eclectic slate that already includes Sundance hits "Me and Earl and the Dying Girl" and "Brooklyn" as well as Jean-Marc Vallée's "Demolition" and Luca Guadagnino's "A Bigger Splash."

Sorrentino's "The Great Beauty" won the foreign language Oscar two years ago. "As a movie lover, I have always appreciated Fox Searchlight's choices, which have given us the opportunity to see beautiful and unforgettable film," he said. "This time, as the auteur, I am honored with the faith they have placed in me and the film."

Searchlight co-chairs Nancy Utley and Steven Gilula said jointly that the new film "projects an extraordinary wisdom and grace. Anchored by Michael Caine's emotionally riveting performance and buoyed by an exceptional supporting cast, 'Youth' is, simply put, a film about life and living told in the most cinematic of terms."

I'm sure it will be a visual feast, but Caine will be the big story here. He has a pair of Oscars to his name already, both in the Best Supporting Actor category. Will the "let's get him a lead trophy" gong resonate? It might. Harvey Keitel, Rachel Weisz, Jane Fonda and Paul Dano also star.

But more on the film, and how it may or may not fit into the film awards landscape, in due time. For now, check out an international sales trailer for the film below.

More from Cannes as it happens.

Kristopher Tapley has covered the film awards landscape for over a decade. He founded In Contention in 2005. His work has also appeared in The New York Times, The Times of London and Variety. He begs you not to take any of this too seriously.