The long awaited release follows the film's world premiere at Cannes 2006, when Kelly's follow-up to his 2001 cult hit Donnie Darko came under fire from critics who lambasted it for being overly long and self-indulgent.
It is understood the 140-minute version that screened on the Croisette has been trimmed down, however more details should emerge on Friday when Kelly attends Comic-Con in San Diego.
Southland Tales takes place in 2008 in a Los Angeles beset by the threat of social collapse and culminates in a massive July 4 Independence Day party. Seann William Scott, Dwayne Johnson and Sarah Michelle Gellar star.
'This mind-bending film is a joyride full of breathtaking images, performances, and surprises in the inimitable style of Richard Kelly,' Samuel Goldwyn Films president Meyer Gottlieb said. 'Audiences have been waiting a long time for this film - and, they will not be disappointed.'
'It's a powerful film that people will be discussing for years to come,' SPWAG executive director of acquisitions and productions Scott Shooman said. 'Richard's true vision for this film has been realised.'
'The time and additional visual effects that were added have allowed me to achieve my original vision for Southland Tales,' Kelly added. 'The fans' response has been overwhelming and I anticipate that moviegoers will respond enthusiastically.'
Sony initially acquired domestic rights and brought in Samuel Goldwyn Films.
International rights were shared between Universal, Wild Bunch and Inferno Distribution.