The campaign, which has been created by Publicis Paris, aims to promote the new Coupe GT version of the latest Laguna, which launched last year. It will air on March 23 and run in both the UK and France until the end of April.
Renault said there would only be a 90-second version of the ad and that it would be humorous in content by playing on Cantona's "eccentric" image. A "making of" film about the ad will also be released.
It features Cantona walking around the car making pronouncements like: "When I was 12 or 13 I was dreaming of getting a Green Renault 5 TS."
It is the first time Renault, which used former Arsenal star Thierry Henry in a long-running Clio campaign, has used the former player in an ad.
In addition to the Laguna, Renault also launched the latest version of its Megane hatchback late last year.
According to figures from the Society of Motor Manufacturers and Traders Renault had a good 2008, raising its share of the UK market by 1%.
Over the course of the year it sold 126,816 cars, 37,246 more than in 2007.