The Monty Python team have confirmed that they will be reuniting for a stage show at London's O2 Arena in July 2014.

Surviving members John Cleese, Terry Gilliam, Eric Idle, Terry Jones and Michael Palin announced that the London venue had won the opportunity to host the Pythons reunion show on July 1 2014 during a press conference at the Playhouse Theatre in London.

Idle said the show is currently planned as a one-off event. However, Palin and Jones both expressed their wishes to take the show around Europe, America and Australia if it proves successful.

The show will be choreographed by former Strictly Come Dancing judge Arlene Phillips, who was involved in the team's final film, The Meaning of Life. It will be directed by Eric Idle and ticket prices will range from £27.50 to £95.

The team also confirmed that sixth Python Graham Chapman, who died of cancer in 1989 aged just 48, would play a part in the show, which will include a mix-up of classic sketches, Gilliam animations and some material that has not been performed live before. Python regular Carol Cleveland is also reported to be taking part.

Idle said: "We've told him (Chapman) we're going on and if there is a God he'll be turning up."

Cleese said Palin had "chickened out" of earlier plans to reunite and needed to be convinced about the plan, while Idle claimed the team were reforming now because if they left it too long it would be too late.

Gilliam added: "When you're over 70 you can be absolutely shameless and that's exactly what we're going to be."

When asked if he would be performing the Ministry of Silly Walks sketch, Cleese said: "Silly walks is impossible now because I've got an artificial knee and hip so that won't happen. I've always liked crunchy frog and we might do parrot.

"It's more than just a performance, what we've realised is that people love the experience of being with us. "

Groundbreaking show Monty Python's Flying Circus, famous for its Dead Parrot sketch and for breaking the rules on traditional sketch writing, was made for TV between 1969 and 1974 and drew fans around the world.

The Pythons went on to make comedy feature films including Monty Python And The Holy Grail (1975) and the controversial Monty Python's Life of Brian (1979), the story of a man who was mistaken for Jesus.

The controversial movie was attacked as blasphemous by religious groups but despite being banned by some councils it was a huge box office success in the US and UK and went on to be named the "greatest comedy film of all time".

Their final film, Monty Python's The Meaning Of Life, released in 1983, was the last time the six Pythons worked together on a full-time project and won the jury prize at the Cannes film festival.

The five remaining members of the comedy group appeared together in 1998 at the Aspen Comedy Festival in the US.

In 2006, Idle, Gilliam, Jones and Palin attended the London opening of Spamalot - Cleese was filming in Australia - after the show first opened in Broadway.

Following the success of Monty Python, the comedy group have enjoyed success in their own careers.

Cleese showed off his comic talent and co-wrote hit series Fawlty Towers as well as co-writing and starring in A Fish Called Wanda, which also featured Palin.

US-born Python Gilliam, who also provided the animation for the group's screen hits, directed films including The Brothers Grimm, Twelve Monkeys, Fear And Loathing In Las Vegas and Jabberwocky, featuring Palin.

Palin became known for his travel documentary series and Idle penned the Spamalot musical.

Jones directed Idle, Palin and Cleese in a 1996 film adaptation of The Wind In The Willows.

Earlier this year, film producer Mark Forstater, who claimed a share of profits from Spamalot, won a High Court royalty fight with the Monty Python comedy team.