Alejandro Gonzalez Inarittu's new film "Birdman" has been selected to open the Venice Film Festival.

For months, the film was speculated to open at the Cannes Film Festival but Fox Searchlight announced the movie was not ready. However, when it was announced that the film was going to open in October, there was speculation it would be playing at a fall festival. Inarritu is not new to Venice as he opened his Oscar-nominated feature "21 Grams" there. That film went on to win the Volpi Cup for Best Actor.

Inarritu is also known throughout the festival circuit as he has also competed at the Cannes Film Festival with his movies "Babel," "Amores Perros" and "Biutiful." All three films went home with awards at Cannes.

"Birdman" is slated to compete for the Golden Lion, the top prize in the festival.

The opening slot is an important spot in the festival as many prestigious Oscar contenders usually debut there. This year marks the second time in a row that a Mexican director has taken that spot. Last year the festival opened with "Gravity" by Alfonso Cuaron and that film received rave reviews. However, it did not compete for the Golden Lion. It later went on to win seven Academy Awards including Best Director.

The slot also saw Darren Aronofsly's ballet thriller "Black Swan" open at Venice. Like "Gravity," it was nominated for the Oscars and won a Best Actress award for Natalie Portman. Joe Wright's period romance "Atonement" also debuted opening night where it received standing ovations and ended up receiving seven Oscar nominations including Best Picture.

However, there have been some cases where the opening night film disappoints. Such was the case in 2012, when Mira Nair showcased her 911 film "The Reluctant Fundamentalist." The movie was met with mild responses and was unable to pick up a distributor until after the festival season. When it was released, it barely got a theatrical run. In 2008, the Coen Brothers opened the festival with "Burn After Reading." While the movie was a critical darling, it was not considered an awards film. However, it ended up taking home nominations for the Golden Globe and BAFTA awards.

"Birdman" is likely to be a huge Oscar contender as every single one of Inarritu's films have been recognized by the Academy. However, only 2006's "Babel" was nominated for Best Picture and Best Director. Fox Searchlight won the Oscar last year with "12 Years a Slave" and is known for its Oscar campaigns. The company released a trailer back in June in order to attract audiences and start obtaining buzz. With a Venice opening, it is very likely the film will also play at the Telluride, Toronto and maybe even the New York Film Festivals.

"Birdman" tells the story of a washed-up actor who once played an iconic superhero. As a result, he must overcome his ego and family trouble as he mounts a Broadway play in a bid to reclaim his past glory. The movie has a phenomenal cast that includes Michael Keaton, Naomi Watts, Emma Stone, Zach Galifinakis, Amy Ryan, Andrea Riseborough and Edward Norton. The film also boasts an incredible behind the scenes crew that includes Oscar winner Emanuel Lubezki as the cinematographer and the Oscar winning editor Stephen Mirrione. Antonio Sanchez is making his feature film debut as the composer of the film.

Fox Searchlight will release "Birdman" on Oct. 17 and the festival will begin on Aug. 27 and run through Sept. 6. The full lineup is scheduled to be released on July 24.