Ricky Gervais and Stephen Merchant's comedy, starring Warwick Davis, will bow out with a special starring Val Kilmer co-produced by the BBC with Backlash Productions and HBO.
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Davis said: "I am thrilled to be able to step back into Warwick's shoes again for this special.
"Ricky and Stephen's scripts are always a gift to play and the inclusion of Val Kilmer is nothing short of genius."
Gervais added: "I can't wait to work on the Life's Too Short special with the likes of Keith Chegwin.
"It will make a nice change from working on The Muppet Movie opposite weird little things with squeaky voices."
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Merchant said: "I think fans of Willow are going be really surprised to see Warwick Davis and Val Kilmer reunited on screen.
"Almost as surprised as Val will be when he finds out what we're paying him."
BBC head of comedy Mark Freeland added: "Warwick Davis has proved he's an idiot abroad. It's time again to see him prove that he's an idiot at home, too. Fictionally speaking."
Gervais and Merchant will feature in supporting roles in the special, alongside Les Dennis, Keith Chegwin and former EastEnders actor Shaun Williamson.
Gervais's current show Derek is now airing on Channel 4.
Watch Warwick Davis talk about Life's Too Short below:
Life's Too Short - Photo gallery:
Copyright: BBC Pictures