This will be the 38-year-old's 11th time on the red carpet at the French Riviera and her five-month-old daughter Aradhya also might accompany her.
Aishwarya's representative has confirmed her presence at the festival as the face of cosmetic giant L'Oreal, of which the former beauty queen is a longtime brand ambassador.
Last year Aishwarya launched the film Heroine at Cannes but later stepped down from the project due to pregnancy. Kareena Kapoor has replaced her in the film.
Actress Sonam Kapoor, another brand ambassador of L'Oreal, will also be at the Cannes film festival, slated to begin May 16.
Indian presence at the prestigious festival will be remarkable this year with four Indian films being premiered, three of which are produced by Anurag Kashyap.
Actor Arjun Rampal will also be at the event with wife Mehr courtesy an invitation from Cannes film festival partner and global luxury brand, Chivas Regal.