The festival announced Monday that the pair will be honored in a special ceremony on Sept. 1, immediately followed by the world premiere of their newest film, Our Souls at Night, in an out-of-competition slot.
Based on the Kent Haruf novel and directed by Ritesh Batra, Our Souls at Night marks the reunion of longtime costars Fonda and Redford. The Fault In Our Stars writers Scott Neustadter and Michael H. Weber adapted the story for the screen, which follows two neighbors who form an unexpected connection after their spouses die. The film will premiere on Netflix later this year.
In addition to Our Souls at Night, Venice also announced that Alexander Payne’s Downsizing will make its world premiere as the opening competition film on Aug. 30. The opening slot at Venice has long been seen as a launchpad for awards season—La La Land made its premiere there last year—and it helps cement Downsizing as a definite contender for the 2017 season. It’s set to bow in theaters on Dec. 22, and it stars Matt Damon as a man who decides to shrink himself down to 5-inches tall. (Kristen Wiig, Christoph Waltz, and Hong Chau also star.)
The 74th Venice International Film Festival runs Aug. 30 through Sept. 9.