Pegg will play Neil Clarke, a disillusioned school teacher who suddenly finds he has magical powers, bestowed upon him by some aliens.
The aliens will be voiced by Terry Jones and his Monty Python colleagues, John Cleese, Terry Gilliam and Michael Palin. Robin Williams will also star as the voice of Clarke’s dog. Additional casting is underway.
Pre-production starts Feb. 2, with principal photography starting in London on March 23.
Pegg said: “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.”
The film is being produced by Ben Timlett and Bill Jones at Bill & Ben Productions (“Monty Python: Almost The Truth”).
Jim Acheson (“Man of Steel,” “Spiderman,” “Dangerous Liaisons”) is on board to design the production’s costumes and sets, as well as the eclectic group of aliens.
Mike Medavoy, who previously worked with Jones on “Life of Brian” and “Eric the Viking,” will serve as executive producer with Chris Chesser (“The Rundown,” “Major League”).
GFM Films, which is handling worldwide sales, closed pre-sales in Australia, Scandinavia and Germany, among other territories, at the AFM.