Ivin won the Palme d'Or for his 2003 short Cracker Bag.
The drama will star Hugo Weaving (The Matrix, Transformers) and will start shooting this summer in the Australian outback.
The story follows an emotional road trip seen through the eyes of a young boy while his father is on the run from the law.
Nicholas Cole and Antonia Barnard will produce and financing is from Film Finance Corporation Australia, Film Victoria, South Australia Film Corporation and the Adelaide Film Festival.
Cole said: 'We are delighted to place this film in Content's hands. This is a very special film. Both Hugo and Glendyn have a deep sensibility that will find the heart and soul of this moving story.'
Jamie Carmichael, president of ContentFilm International, added: 'It's wonderful that we can launch The Last Ride at Cannes where Glendyn's work has been so well received in the past. The script has a reel quality about it and though it has an edge, its also very touching.'