Simon Pegg portrays Neil Clarke, a teacher who suddenly finds himself blessed with supernatural powers, given to him by a group of aliens. John Cleese, Terry Jones, Terry Gilliam and Michael Palin will provide the voices of the aliens, with Robin Williams voicing the teacher's pet dog.
Here's what Simon Pegg had to say in a statement about working with the Monty Python team.
"As someone whose love of comedy was hugely informed by Monty Python, the chance to work with Terry was a gift. Meeting your heroes is one thing - working with them is something else."
Terry Jones is directing from a screenplay by Gavin Scott. The filmmaker co-directed the Monty Python and The Holy Grail and Life of Brian with Terry Gilliam, and directed Monty Python's Meaning of Life on his own.
Pre-production gets under way on February 2, with principal photography set to begin on March 23 in London.
Simon Pegg most recently starred in The World's End, and he will reprise his role as tech specialist Benji Dunn in Mission: Impossible 5.