A Liar's Autobiography will feature recordings that Chapman, who died in 1989 aged 48, made of his 1980 book.
John Cleese, Terry Gilliam, Michael Palin and Terry Jones have all signed up while Eric Idle is not involved. The film is due out in spring next year.
Jones joked he had "no idea" until recently that Chapman was dead and "thought he was just being lazy".
"However, I am now delighted to find myself working with him again on this exciting project," he added.
Co-director Jeff Simpson said producers had worked closely with the Chapman estate and the Pythons to "get this exactly right". Chapman died after battling cancer.
He said the comic would be pleased "his work is being reimagined in glorious 3D - he always loved wearing silly glasses".
Cult TV series Monty Python's Flying Circus was first broadcast in the UK in 1969.
The team also brought films including Holy Grail and Life of Brian to the big screen.
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