Terry Jones, one of the iconic group of comedians, told the BBC:
Eric Idle : Only three days to go till the Python Press Conference. Make sure Python fans are alerted to the big forthcoming news event.
Eric Idle : Python meeting this morning. Can't wait. Press Conference Thursday will apparently be live on Sky News. I'll get you the online URL.
It is understood that John Cleese, Michael Palin, and Terry Gilliam will join Jones and Idle for the press conference, which is expected to be held at The Playhouse Theatre in London, where the hit stage show Spamalot is playing.
The sixth member of the comedy group, Graham Chapman, died of cancer in October 1989.
The five surviving Pythons last appeared together at the 1998 Aspen Comedy Festival.
The comedy group started life as a BBC television sketch show that ran for four series between 1969 and 1974, spawning five films as well as various books and albums, and proved to be a massive influence on comedy.
UPDATE - FRIDAY 22nd NOVEMBER: The show will take place at the O2 Arena in London on Tuesday 1st July 2014, and will see the team performing some of their best-known sketches "with modern and topical Pythonesque twists", as well as new material. Tickets go on sale on Monday 25th November from 10am, with prices starting at £27.50 and going up to £95 (plus fees). More details are available via this link. The performance will be filmed and released commercially.