The screening will mark the world premiere of director Antoine Fuqua's film, which is a remake of the John Sturges' classic that was itself a remake of Akira Kurosawa's "Seven Samurai", reported Variety.
"The Magnificent Seven" is about a group of seven gunfighters, hired to protect a small village in Mexico from a group of marauding bandits and their leader.
It will be Fuqua's third time at the festival. He previously screened "Training Day" and "The Equalizer" at Toronto. The festival will close on September 18.
Oliver Stone's "Snowden", a look at NSA leaker Edward Snowden that stars Joseph Gordon-Levitt, will also be showcased at the fest.
Director Garth Davis' "Lion", starring Dev Patel, Nawazuddin Siddiqui and Tannishtha Chatterjee, will be screened.
It is a drama about a young man (Patel) who reunites with his long-lost parents using Google Earth. It has been produced by The Weinstein Company.
After setting off a bidding war at the 2015 Cannes Film Festival for his screenplay, Tom Ford will debut "Nocturnal Animals."
"Whiplash" director Damien Chazelle is back at the festival with "La La Land," a musical starring Emma Stone and Ryan Gosling.
The festival's closing night film, "The Edge of Seventeen", seems like a homage to John Hughes' high school dramedies.
It stars Hailee Steinfeld, Blake Jenner, Woody Harrelson, and Kyra Sedgwick, as well as marks the feature film directing debut from Kelly Fremon Craig.
The festival said it will add to its initial list of 68 films in the weeks leading up to the festival.
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