The 79th edition of the world's oldest film festival will take place between August 31 and September 10 at the Venice Lido.

In selecting the 76-year-old Sandrelli as the recipient of its 45th Bianchi Prize, the Italian Cinematic Journalists Union (SNGCI) said, "in agreement with the Venice Film Festival, the Bianchi pays homage to one of our most loved actresses, an icon of commedia all'italiana, who continues to conquer the public with simplicity, passion and the evergreen freshness of her talent".

Sandrelli, who first found fame at the age of 14 opposite Marcello Mastroianni in the 1961 film Divorce Italian Style and went on to star in Seduced and Abandoned (1963), The Conformist (1970), 1900 (1976) and The Key (1983), said: “I'm very happy and deeply honoured to receive such a prestigious award from the Cinema Journalists, such an important group for our work, which has always followed me with attention and an affection that I have totally returned.”

The SNGCI said further that the prize "celebrates her first 60 years of love for the cinema with her return to the Festival with Water and Aniseed, the debut work by Corrado Ceron, and a special event at the Giornate degli Autori (Auteurs' Days)".

Having picked up a career Golden Lion in 2005, Sandrelli has won seven Silver Ribbons for best actress from the SNGCI.

Stefania Sandrelli. (Photo: AAP)

Previous winners of the Bianchi Prize, which was first awarded in 1977, include Mario Soldati, Sophia Loren, Alberto Sordi, Claudia Cardinale, Virna Lisi, Carlo Verdone, Michele Placido, Dominique Sanda, Cesare Zavattini, Suso Cecchi D'Amico, Luigi Zampa, Alberto Lattuada, Mario Monicelli, Luigi Comencini, Francesco Rosi, Dino Risi, Ettore Scola, Paolo eandVittorio Taviani, Luigi Magni, Carlo Lizzani, Bernardo Bertolucci, Michelangelo Antonioni, Marco Bellocchio, Giuliano Montaldo and Citto Maselli.