Jones told Variety that he will direct the sci-fi movie, which is called Absolutely Anything.
The 69-year-old confirmed that John Cleese, Terry Gilliam and Michael Palin have joined the project, while he is still hopeful to sign Eric Idle.
Hollywood actor Robin Williams has also been cast as an intelligent talking dog called Dennis.
"It's not a Monty Python picture, but it certainly has that sensibility," he said.
Absolutely Anything will be made in CGI, with the Monty Python crew voicing a group of aliens who grant a human being immense power, leading to chaos.
Life of Brian's Mike Medavoy will produce the piece, based on a 20-year-old script developed by Jones and Gavin Scott.
"Terry and Gavin have crafted a classic farce - something I feel I know a little bit about after all the Pink Panther pictures we did with Blake Edwards at United Artists," Medavoy said.
"In fact, the movie even has a pompous Frenchman reminiscent of Inspector Clouseau - but there the similarity ends. Like all projects originated by any of the Monty Python guys, Absolutely Anything delightfully defies a logline."
1998 was the last time the surviving troupe members appeared together, at the Aspen Comedy Festival.
Last year, Cleese joined up with Palin, Jones and Gilliam to record dialogue for the late Graham Chapman biopic A Liar's Autobiography, but Idle did not take part.
Watch a trailer for Monty Python's Life of Brian below: