UPDATED on Friday, November 16.

The legendary Monty Python franchise is eyeing a couple of young up-and-comers for its latest (decidedly belated) installment.

Nearly three decades following the release of "The Meaning of Life," Gemma Arterton ("Quantum of Solace") and Benedict Cumberbatch ("Sherlock") are in talks to join "Absolutely Anything," a new comedy from the surrealistic U.K. comedy troupe about a teacher who experiences a series of mishaps after discovering he has magical powers.

First announced back in 2010, "Anything" will see frequent Monty Python director Terry Jones ("Monty Python and the Holy Grail," "Life of Brian") returning to the helm, with franchise regulars Terry Gilliam, John Cleese, Michael Palin and Jones himself providing voiceovers alongside series newcomer Robin Williams.

UPDATE: A statement from Arterton's reps say that the actress "has not been confirmed" for this project.

Shooting is expected to begin the first quarter of next year from a script by Jones and Gavin Scott ("The Borrowers," "Small Soldiers").

The news was broken by The Wrap.

Arterton will next be seen in the TIFF-premiered dramedy "Song for Marion" opposite Terence Stamp, Christopher Eccleston and Vanessa Redgrave, while Cumberbatch has a motion-capture role in this fall's "The Hobbit: An Unexpected Journey." He also plays the villain in next year's highly-anticipated J.J. Abrams follow-up "Star Trek into Darkness."

Are you looking forward to a new Monty Python movie? Thoughts on Arterton and Cumberbatch playing the leads? Sound off below.