The movie, which stars Clooney himself in the lead along with Ryan Gosling, Paul Giamatti and Philip Seymour Hoffman among others, is about a U.S. presidential campaign.
The Ides of March is based on the Broadway play Farragut North about 'dirty politics', which tells the story of a press secretary who will stop at nothing to get his candidate elected, NME News reported.
The movie will be Clooney's fourth film as director after Confessions of a Dangerous Mind, Good Night and Good Luck, and Leatherheads.
The movie will be competing for the popular Golden Lion award. The film will have its world premiere screening on Aug. 31 following the festival's opening ceremony, said La Biennale di Venezia, festival organizers on Wednesday.
Other films that will debut at the Venice Festival include Roman Polanski's Carnage and David Cronenberg's A Dangerous Method.
The festival will run at Venice Lido from August 31 to September 10. The awards ceremony will take place on September 4.