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"I said to the promoter, "It's very expensive to insure everybody, so why don't you just insure two deaths? If two of us go, we'll call it off, but if one goes we'll do it as a tribute. If Palin goes we get Eddie Izzard, if Cleese goes we get Russell Brand."

Palin refused to rule out a further reunion, saying that they will "see how much we enjoy" the run of sold out shows which begin at the O2 arena on July 1.

"If we enjoy them a lot, we may do more," he said.

However, Idle knocked the idea on the head, saying July 20 would be the "last ever Python performance".

The comments come as Izzard poured praise on the comedy group, claiming they had a huge impact on his own stand-up comedy.

Writing in the Guardian he said: "They are the most influential comedy group in the entire history of the world, but Monty Python's Flying Circus didn't just do comedy – they changed the nature of comedy by making it an art form, something that worked on many levels. They proved, without knowing it, that humour is international and not national."

He added: "It will be wonderful to see them on stage. Their last performance was at the Hollywood Bowl in 1980. Some people will wonder how the shows will play out but, as long as the Pythons are having fun, the audience will be behind them. I'll be on tour for the first three shows, but I will be there for the final seven. Monty Python are a living legend – and how often to you get to see a legend?"