Big news in the comedy world: Monty Python is set to reunite for a stage show.

Python member Terry Jones told the BBC on Tuesday he's excited the group is reuniting.

He said he hopes to make enough money to pay off his mortgage.

It's expected that the reunion will be announced officially at a press conference being held in London on Thursday. John Cleese, Eric Idle, Terry Gilliam, Michael Palin and Jones are all slated to attend the event at the West End's Playhouse Theatre, where the musical Monty Python's Spamalot is playing.

The iconic comedy group had its first big success with the Monty Python's Flying Circus TV show, which ran from 1969 until 1974, winning fans around the world with its bizarre sketches.

They also branched out into movies including Life of Brian and backed theatrical shows such as Monty Python's Spamalot. Members of the of the original group are also at work an upcoming sci-fi comedy called Absolutely Anything.

The five surviving members last performed together in 1998 at the Aspen Comedy Festival. The sixth member, Graham Chapman, died of cancer in 1989.