"Burning," a South Korean mystery thriller made by international award-winning filmmaker Lee Chang-dong, is being mentioned as a possible selection as either an in competition or out of competition title at the Cannes Film Festival slated for May, industry observers said Sunday.

Industry watchers have raised the prospect of Lee's latest production -- after an eight-year absence -- being invited to the renowned festival for world movies, which is scheduled for May 8-19 in southern France.

Filmmaker Lee Chang-dong speaks about his movie Poetry during a press conference in Seoul on April 14, 2010. (Yonhap)

"Burning" is an adaptation of the Japanese short story, "Barn Burning," written by Haruki Murakami, a tale of two young men and a woman in their 20s getting involved in a mysterious incident.

It stars Yoo Ah-in from "Veteran", who plays the role of Jong-soo, a parcel deliveryman, and Korean-American Steven Yeun -- best known for his parts in the American television series "The Walking Dead" and Bong Joon-ho's "Okja" -- as a well-off man. The woman is played by rookie Jeon Jong-seo.

Lee told a press conference at Busan film festival last year that the movie would be about young people and their lives in today's world. He finished the shooting last month and is apparently doing post-production work.

Lee, 64, has a long list of achievements under his belt as a movie director. He won the Silver Lion at Venice Film Festival in 2002 for "Oasis" and the best screenplay award at Cannes in 2010 for "Poetry." (Yonhap)