The network described the show as "a story of the extraordinary resilience of the human spirit in the face of overwhelming adversity."
Written by Ian Hislop and Nick Newman, it is based on the true story of how soldiers produced a satirical newspaper after finding a printing press in a bombed-out building in the Belgian town of Ypres.
Ben Chaplin, Julian Rhind-Tutt, Steve Oram and Emilia Fox will co-star in the telepicture.
Palin's last major small-screen role was in 1991's "GBH." The former Monty Python troupe member is now best known for his TV travel series.