It is the first touring exhibition organised by the TIFF, and will showcase Cronenberg's work throughout the years.
According to The Hollywood Reporter, the exhibition will take place at Bell Lightbox, the Toronto tower which now houses the TIFF's headquarters.
It will launch there in autumn of 2013, before going on to tour from summer 2014.
"This exhibition underscores our commitment to Canadian film and its legacy," said TIFF director Piers Handling, who is co-curating the exhibition alongside artistic director Noah Cowan.
"[We have] a 20-year history of working with David to preserve his papers and objects in a special archive, and our efforts to restore and make available his film catalogue."
This is the first time a Canadian director's work has been showcased by the festival, with previous exhibitions having focused on Tim Burton and Federico Fellini.
Cronenberg's new film Cosmopolis premieres at the Cannes Film Festival this Friday (May 25).
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Watch the trailer for Cosmopolis below: