The sci-fi film, starring Matt Damon as a man who realises he would have a better life if he shrank himself, will get its world premiere on August 30 at the 74th Venice festival.
Co-starring Kristen Wiig as his wife Audrey, dreaming of a better life, the movie is due for general release at the end of the year. Parts of the movie were filmed in Norway.
Payne, who won the Academy Award for best adapted screenplay in 2004 and 2012, directed "Mr Schmidt" starring Jack Nicholson in 2002, 2004's "Sideways" and 2013's black and white "Nebraska".
Oscar-nominated Bening, whose credits include "American Beauty" (1999) and "The Kids are Alright" (2010), will head the jury of the oldest film festival in the world.
The Venice Film Festival will run from July 30 to August 9, 2017.