TORONTO -- Steve Carell as a lonely multi-millionaire who embarks on a poisonous relationship with two Olympic medal-winning wrestler brothers. Bill Murray as a curmudgeonly retiree who forges an unlikely friendship with a 12-year-old neighbour. Reese Witherspoon as a heartbroken woman who embarks on an 1,800-kilometre solo hike to leave her past behind.

These are among the most anticipated performances at a star-studded Toronto International Film Festival that kicks off Thursday amid speculation that smaller fests are stealing the city's spotlight.

"I think what's important and what continues to be true is that the film world sees the Toronto audience as an important arbiter of both quality and accessibility," artistic director Cameron Bailey said in a recent interview.

"Directors, actors and film companies bring their movies to Toronto because they know it's an informed audience, an audience that loves movies and isn't snobbish about movies. If a movie plays well here, then that is a good sign for future success, whether that's awards or that's takings at the box office. That, I think, is the key for us."

Bennett Miller's "Foxcatcher" premiered to raves at Cannes and is already garnering Oscar buzz for Carell's intense performance alongside Channing Tatum and Mark Ruffalo. Jean-Marc Vallee's "Wild," based on Cheryl Strayed's memoir about hiking the Pacific Crest Trail, is attracting attention for Witherspoon. And "St. Vincent" -- a world premiere -- has prompted the fest to declare Bill Murray Day on Friday in Toronto.

Some 285 feature films will screen at the annual movie marathon, which runs until Sept. 14. Other buzzed-about titles include "Whiplash," starring Miles Teller as an aspiring jazz drummer and J.K. Simmons as his terrifying instructor, "99 Homes," featuring Andrew Garfield as a father whose family is evicted and "The Drop," a robbery thriller starring Tom Hardy.

This year's line-up is facing added scrutiny after organizers announced a new policy of only screening world and North American premieres during the first four days. The decision came after the much smaller Telluride Film Festival in Colorado began snatching up world premieres of eagerly awaited titles including "Argo" and "12 Years a Slave."

Some noteworthy films -- including Benedict Cumberbatch-led "The Imitation Game" and Jon Stewart-directed political drama "Rosewater" -- are opening first at Telluride this year before landing in Toronto. Still, Bailey said he's "incredibly happy" with the selection.

"I think a lot of filmmakers love to bring movies here. For the audience, the filmmakers, the industry that comes, there's as much interest that there ever was. For me that was not in doubt," he said.

"The Judge," starring Robert Downey Jr. as a lawyer whose estranged father is accused of murder, will kick off the fest on Thursday. Director David Dobkin praised Toronto's organizers for maintaining its reputation as an awards season launching pad.

"I know TIFF has a lot of movies that they show, but I do think filmmakers are drawn to that festival because it's about movie lovers. And I think that ultimately the movies that people love are what get paid the awards," Dobkin said in an interview.

"There's a lot of stuff that has a very great pedigree but may not also be beloved by an audience. I think that you need to have both. Ultimately you have to credit the people that put together the festival and make those decisions."

The fest is known for bringing a cavalcade of stars to its glitzy galas and parties, and this year is no exception. In addition to Downey Jr., Murray, Carell, Witherspoon, Fey and Cumberbatch, the guest list also boasts Kate Winslet, Dustin Hoffman, Ben Stiller, John Travolta, Diane Keaton, Jane Fonda, Adam Sandler, to name just a few.

Al Pacino will loom large at the fest with two films, "Manglehorn" and "The Humbling," as will Witherspoon who also stars in "The Good Lie," which is helmed by Quebec's Philippe Falardeau and tells the story of a brash American woman determined to help four Sudanese refugees.

James Franco will present his drama "The Sound and the Fury," based on the classic William Faulkner novel. Several other actors will also unveil films they've directed: Alan Rickman will be on hand with "A Little Chaos," the closing night film; Chris Rock will tout "Top Five"; Chris Evans is set to present "Before We Go"; and Ethan Hawke is set to hit town to talk up his documentary about pianist Seymour Bernstein, "Seymour: An Introduction."

"Actors spend a lot of time on set. Sometimes they're able to absorb the filmmaking process and sometimes it's a real challenge," said Bailey. "But I think we've found films where they are films first, which happen to be directed by actors. It's not a stunt or a gimmick anymore to see an actor directing a movie."

Denzel Washington will join director Antoine Fuqua for an onstage discussion of "The Equalizer," their first collaboration since the Academy Award-winning "Training Day," while Richard Gere and Robert Duvall will also host public chats for "Time Out of Mind" and "The Judge," respectively.

The fest also features a strong slate of biopics, including: "Pawn Sacrifice," starring Tobey Maguire as chess legend Bobby Fischer during the height of the Cold War; "The Theory of Everything," in which a physically transformed Eddie Redmayne plays Stephen Hawking; and Mike Leigh's "Mr. Turner," for which Timothy Spall won Best Actor at Cannes for his portrayal of the eccentric English painter J.M.W. Turner.

"Kahlil Gibran's the Prophet" is an animated title that film-goers are anxious to get a look at, with director Roger Allers ("The Lion King") assembling an array of international animators to create episodes from the classic text by the Lebanese poet.

Female-driven narratives remain a strong theme of the fest. Juliette Binoche plays a veteran stage star who turns to her assistant (Kristen Stewart) for solace in "Clouds of Sils Maria," while Mia Wasikowska plays the heroine in Sophie Barthes's new adaptation of "Madame Bovary."

Bailey pointed to two films directed by women: Maya Forbes's "Infinitely Polar Bear," starring Ruffalo as a manic depressive father, and Lynn Shelton's "Laggies," featuring Keira Knightley as a stunted 28-year-old in a quarter-life crisis.

"There was a long misperception at least in the commercial world that those movies were box office risks for some reason, that audiences weren't going to follow movies with women at the centre," he said. "We've seen time after time that that's simply not true... We've always known our audience is easily as interested in the stories of women as those of men."

The rise of Quebecois cinema remains on full display in Toronto, with new films from much-feted up-and-comer Xavier Dolan and acclaimed director Denys Arcand, on top of those from Vallee and Falardeau.

Dolan's "Mommy," about a widowed mother who accepts the help of a mysterious neighbour in raising her violent son, premiered to a wave of buzz at Cannes and went on to win the 25-year-old director the distinguished Jury Prize. Dolan also stars in "The Elephant Song," from Quebec's Charles Biname, at the fest.

"I think if you're just catching up now with Xavier Dolan, 'Mommy' could not be a better place to start," said Bailey. "It's like no other movie you've ever seen. He does things visually and dramatically that are rarely achieved. That sounds so hyperbolic, but I was so impressed with this film and this filmmaker, and the fact that he is so young and has so much ahead of him. This could very well be his year."

As for documentaries, Harold Crooks's "The Price We Pay" is gathering buzz as an unflinching look at corporate tax avoidance, and Sturla Gunnarsson's "Monsoon" promises to be a vivid exploration of the immense Indian weather system.

Despite Toronto's reputation as an Oscar prognosticator, Bailey said it's too early to say which films will sweep audiences off their feet and eventually bring Academy voters to the ballot box.

"Let's have that conversation in January," he said with a laugh. "A few years ago when we announced a film called 'Slumdog Millionaire,' or a film called 'The Artist,' you might not have pointed those out as awards contenders.

"We usually have pretty good fortune in terms of films that have been launched in Toronto going on to awards success. But I am not prescient enough to tell you which ones are going to be the winners."