The award will be given at a ceremony in Rome’s Farnese Palace on July 3rd, according to Italian press reports.
The awards have been hosted by Italy’s Foreign Press Association since 1960.
Other contenders include Gli Equilibristi by Ivano De Matteo and Razza Bastarda by Alessandro Gassman.
La Grande Bellezza is set in Rome and has drawn comparisons with Federico Fellini’s 1960s classic, La Dolce Vita.
Giuseppe Tornatore, who scooped an Oscar for Nuovo Cinema Paradiso, will receive a lifetime achievement award alongside Franco Zeffirelli, who directed 1968’s Romeo and Juliet.