Cotillard, the first honoree to be unveiled for the 2008 festival, will be invited to collect her trophy at the Awards Gala on Jan 5 2008 at the Palm Springs Convention Center.
Festival chairman Earl Greenburg said Cotillard's performance as Edith Piaf was 'sure to be recognised throughout this year's awards season.'
Born in Paris, Cotillard most recently appeared opposite Russell Crowe in A Good Year.
She won the Cesar Award for Best Supporting Actress in 2005 for A Very Long Engagement, and has also appeared in Big Fish and Mary.
She will next be seen in Jean-François Richet's crime drama L'Ennemi Public N° 1 (Public Enemy No 1) and Rob Marshall's musical Nine.
The Festival is scheduled to run from Jan 3-14, 2008. For additional information visit www.psfilmfest.org.