Poll: Are you looking forward to the return of Monty Python?

The veteran comedy troupe - John Cleese, Michael Palin, Eric Idle, Terry Gilliam and Terry Jones - announced the news at a press conference in central London.

Its host Warwick Davis was heckled throughout by the Pythons.

The Pythons have amassed millions of fans for their groundbreaking, anarchic comedy series and films, which also launched their own successful solo careers.

Davis joked that the capital has provided the "second biggest bribe" during the group's hunt for a venue.

Asked why the reunion was being held now, Idle joked: "We're all trying to pay for Terry Jones's mortgage."

Cleese said "at first" the gig would be "a one and only" but refused to rule out further performances.

The show has been described as having "modern, typical, Pythonesque twists".

The press conference was held at London's Playhouse Theatre, where Python musical Spamalot is being performed.

Monty Python's Flying Circus was made for TV between 1969 and 1974 and generations of fans can recite lines and whole sketches. The team went on to make films including Monty Python And The Holy Grail (1975) and Monty Python's Life of Brian (1979).

Sixth Python Graham Chapman died of cancer in 1989 aged just 48, and nine years later the five remaining members appeared together on stage at the Aspen Comedy Festival in the US.

Palin refused to rule out a wider European tour, saying "I've been doing it for years".

Cleese said Palin "chickened out" of earlier plans to reunite and needed to be convinced about the plan.

Asked about ticket prices, Idle said prices would be low and "only £300 less than the Stones".

He also said the show would include material "we've never done live before".

Monty Python announced a 2014 reunion show today. Here are some of the best lines from the press conference:

"They had so many bids they had to enlist the help of Sepp Blatter" - Host Warwick Davis explaining how the Pythons chose the location for the gig.

"The winner is Meryl Streep" - Davis again, when announcing the chosen city.

"Nobody expected the Spanish inquisition" - Michael Palin when the first question in the press conference came from a Spanish journalist.

"I think the answer is we are all trying to pay for Terry Jones's mortgage" - Eric Idle's reason for the reunion.

"A little comedy, some pathos, some music and a tiny bit of ancient sex" - John Cleese on what will be in the show.

"I think we should certainly think about touring the world, because I've done it for years" - TV globetrotter Palin on plans for a possible world tour.

"We actually have told him we'll be on and if there is a God, he'll show up" - Eric Idle on the sixth Python Graham Chapman, who died of cancer in 1989 aged just 48.

"I think the clever thing was we waited until the demand had died down" - Idle on returning to the stage more than three decades after their last show.

"That's impossible now because I have an artificial knee and an artificial hip" - Cleese explaining why he will not be doing the Ministry of Silly Walks sketch.