The Hollywood Reporter said "The Queen" director, who first appeared at Cannes in 1987, will headline the jury when the annual festival begins on May 16.
The 65-year-old director, who has earned nominations from the Directors Guide of America and the Golden Globes for "The Queen," expressed happiness at being selected to the prestigious film group.
"Of course, it's an honor but it's also a treat, to be able to watch terrific films from all over the world in such heady surroundings. God Save Cannes! (as well as the Queen)," the "Dangerous Liaisons" head said.
Festival de Cannes President Gilles Jacob offered similar positive comments regarding Frears' acceptance of his invitation to succeed last year's jury head, Chinese director Wong Kar-Wai.
"I am particularly delighted that Stephen Frears accepted my proposal this year," Jacob explained. "We thus pay tribute to this great, inspired filmmaker, endowed with freedom of mind and love of making films."