John Cleese, Terry Gilliam, Eric Idle, Terry Jones and Michael Palin are scheduled to attend an Oct. 15 question and answer session in New York, marking their 40th anniversary. Python member Graham Chapman died in 1989.
The comedians and writers are being recognized for their contributions to film and television, BAFTA said.
"We're absolutely delighted to co-host this event ... it promises to be a rare and memorable occasion bringing the hugely talented Monty Python team together again," the BBC quoted BAFTA chairman David Parfitt as saying. "We feel that the special award is a fitting tribute to this much-loved and singularly British institution."