The 'Hot Fuzz' star will play school teacher Neil Clarke in the film, directed and co-written by Terry Jones, reported Digital Spy. The Python team will play visiting aliens who bestow magical powers to Pegg's character.
The actor is an old hand at the sci-fi genre, having starred in both 'Star Trek' movies. "As someone whose love of comedy was hugely informed by Monty Python, the chance to work with Terry was a gift," he said.
"Meeting your heroes is one thing working with them is something else." The voices of John Cleese, Michael Palin, Terry Gilliam will feature, with Terry Jones also set to appear.
"Simon Pegg is the absolutely perfect Neil. It is not a Monty Python picture, but it certainly has that sensibility," Jones said. Oscar-winning actor and stand-up comedian Robin Williams has also been cast as the voice of Neil's dog, Dennis. Production on 'Absolutely Anything' is scheduled to begin in London on March 23, 2014.