The revival which will see Cleese star alongside his daughter Camilla, will also have actor Rob Reiner, his wife and director Michele Reiner serve as executive producers, alongside producer Mathew George and Derrick Rossi.
This came about after Classic Rock Entertainment announced that a deal had been agreed between them and Cleese to bring back the popular sitcom.
"What I like about Matt is that, unlike many producers, he really 'gets' the creative process", Cleese said. "When we first met, he offered an excellent first idea, and then Matt, my daughter Camilla, and I had one of the best creative sessions I can remember".
"By dessert we had an overall concept so good that, a few days later, it won the approval of Rob and Michele Reiner", the actor added. "Camilla and I look forward enormously to expanding it into a series".
Reacting to this deal, producer George called meeting Cleese and his daughter Camilla one of "great thrills" of his life.
"I’m obsessed with Fawlty Towers and the legendary characters he created", George remarked. "I’ve watched the first two seasons so many times I have lost count. I dreamed of one day being involved in a continuation of the story. Now it’s come true".
The original sitcom Fawlty Towers was written by John Cleese and Connie Booth. Including 12 episodes, the sitcom ran on BBC 2 for two seasons from 1975 to 1979, as it followed the lives of hoteliers Basil Fawlty played by Cleese and his wife Sybil (Prunella Scales) as they tried to keep the business and their at times loveless marriage afloat. It also featured the late Andrew Sachs as Spanish waiter Manuel.
The sitcom was also named the greatest British sitcom of all time by a set of TV experts for Radio Times magazine in 2019.
The revival is to see John Cleese trying to navigate the modern world, as he joins forces with a daughter he did not know he had, to run a boutique hotel.