The movie has been executive produced by Scorsese, which debuted at Cannes in the Directors' Fortnight section - winning the Europa Cinema Labels Award, according to The Hollywood Reporter.
The Jonas Carpignano-directed film is set in the Romani community of Southern Italy, which narrates the story of 14- year-old Pio Amato and how he deals with challenges after his older brother disappears.
It is touted to be a companion piece to the director's first feature, "Mediterranea" (2015).
Italy holds the record for most Foreign Language Film Oscar victories, with 14 in total - including three honorary prizes - over 31 nominated movies.
Director Paolo Sorrentino last won the Academy Award for "The Great Beauty" in 2014.
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