Idle said he will direct the show, which will feature "comedy, pathos, music and a tiny piece of ancient sex," a nod to the fact that most of the comedians are now in their 70s.
A news release promised the show will also include "some of Monty Python's greatest hits, with modern, topical, Pythonesque twists."
The Pythons last performed together at the Hollywood Bowl in Los Angeles in September 1980 and participated in a panel discussion in 1998 at the Aspen Comedy Festival. Founding member Graham Chapman died of cancer in 1989.
Celebrity Families of 2014 [PHOTOS]