The Monthy Python troupe has turned down a world tour that would have earned them $32 million.
John Cleese, Eric Idle, Michael Palin and Terry Gilliam had been offered the hefty sum by promoters who wanted them to tour in the Far East, Africa, Australasia and America but they said no to the deal because they are "grumpy old men".
Eric said: "It is really the end. I mean, we talked about it, we did it, we said 'No, let's just do it in London, we'll do 10 nights.'
"We could've gone on to Australia, South Africa and then you spend the rest of your life wondering what town you're in.
"But we're all in our seventies, everybody has different things to do that interest them, so it's like a great farewell. It's like 'Let's just take a final bow'.
"When you get old, grumpy old men, you go 'I don't care how much bloody money, I'm not going out, I'm staying home'."
The 71-year-old comedian also revealed that he is currently enjoying life in Hollywood.
He told the Daily Mirror newspaper: "I exercise, I work out, I go hiking up in the hills, I ride, I play guitar, I live a decent, quiet life. I don't go out much."
When asked if he had any regrets about life, he added: "I don't know. I think one could always be a better parent or a better husband, you know. Life is much more important than careers.
"Careers are just things that happen. Life is what you live. So, you know, I'd like not to have - I hope - offended or hurt too many people."

Ariana Grande doesn't like sharing personal pictures.
The 'Bang Bang' hitmaker - who has nearly 19 million followers on Instagram - has revealed that she likes to keep her personal life separate from her work but won't hesitate in posting a picture if it's "cute".
She said: "I have conflicting feelings about it. On the one hand, I feel like I'm growing up and realise my life is my life and some things don't need to be shared.
"But I'm very spur-of-the-moment, very open with my fans. And if there's a cute picture I like that's a little personal and I want to share it, maybe I will."
Despite her ban on posting personal pictures on social media, the 21-year-old singer recently shared a photo on Instagram of her and rumoured boyfriend, Big Sean.
She captioned the picture, - which has over 1.2 million likes - writing: "On our way to grandps' celebration of life earlier @bigsean [sic]".
Meanwhile, Ariana also revealed that she prefers to accessorise with cat ears rather than hair bows.
She explained to InStyle magazine: "Polka dots and hair bows - I can't.
"Give me a skinny jean, a YSL top, and a cat ear, and we're good."

Kiesza would love to see Ed Sheeran in a kilt.
The 'Hideaway' hitmaker - who will take to the stage at tonight's MTV Europe Music Awards (EMAs) in Glasgow, Scotland - would love to see the 23-year-old 'Thinking Out Loud' hitmaker walk the red carpet in a traditional Scottish outfit.
When asked who she'd like to see in a kilt, Kiesza replied: "Let me think... I can totally imagine Ed Sheeran in a kilt, but I want to choose someone who you would never expect to wear one
"I'd like to see one of the boy bands all show up in kilts. That would be hilarious."
The 25-year-old Canadian singer - who is nominated for three awards, including Best Video for 'Hideaway' - is one of a number of performers at the ceremony.
Kiesza remained coy when she was asked for details about her performance but did reveal that she's excited to take to the stage.
She told MTV UK: "I'm not nervous, I'm excited! We're still in rehearsals, getting ready for it, so I can't reveal too much, but I'm going to be singing, I'm going to be dancing, so I can tell you that!
"As for what I'm wearing, you are going to have to hold out to see that. I'm still thinking about the red carpet."

Carey Mulligan gained weight while on a "hunger-strike diet".
The 29-year-old actress wanted her portrayal of suffragette Maud in 'Suffragette' to seem realistic so cut out sugar and other fatty foods - but realised the eating plan she made for herself was "complete b*****s" as some of her snacks were still calorific.
Speaking to the film's writer, Abi Morgan, she said: "You remember my whole 'hunger-strike diet' on 'Suffragette?'
"The idea was to make me look kind of malnourished, but not in a serious way, it was more of a psychological thing. Actually, it did make me feel more stoic.
"But it turned out to be complete b*****s. I gained weight. Even though I had no sugar or fruit or any of those things, I was told I could have nuts. So I ate massive packets of nuts every day.
"I never weigh myself, but I did weigh myself before and after, just to see, and I gained three kilos and all of my trousers didn't fit."
Carey always tries to be in the right physical shape for the characters she plays, and even though she stripped for her role in 'Shame', she admits she "actively" ate whatever she wanted and "drank loads" of alcohol.
She added to Harper's Bazaar magazine: "For 'Far From the Madding Crowd', the character is a country lass, so I wanted to be pretty strong, and I spent the entire film running up and down hills. I've got a farm, so I'm used to that. But I wanted to be someone who could lift a hay bale. And they're very heavy. So I liked going to the gym for that.
"But for 'Shame' I actively ate whatever I wanted to, drank loads and looked like hell. And that was the film I decided to take all my clothes off in."

James Jordan has defended his wife Ola Jordan over claims she bullied Steve Backshall.
Ola, 32, and Steve, 41, were paired together on the BBC reality show 'Strictly Come Dancing', but recent reports have claimed Steve is unhappy with how he's being treated by his professional partner, who's been accused of bullying.
The claims have prompted an angry response from Ola's husband James, 36, who tweeted: "You wanna write b******t about @The_OlaJordan the sweetest person in the world. I'll give you something to write about #keepaneyeonmytweets (sic)"
Later, he added: "Going to the gym for a few hours to blow off some steam!"
James's relationship with the BBC soured after he was axed from 'Strictly' earlier this year, but he and his wife have already received lots of support from other celebrities.
Former professional footballer Robbie Savage - who danced with her in 2011 - described Ola as a "great teacher and a pleasure to work with".
Meanwhile, Chris Hollins, who won the series dancing with Ola in 2009, said: "That's not the Ola I know."
BBC bosses have refused to comment on the bullying allegations.

Katie Hopkins has been offered a record fee to join 'Celebrity Big Brother'.
The 39-year-old TV personality - who made her name in 2006 on the BBC reality show 'The Apprentice' - is said to have agreed to appear on the show, having been offered more than the £400,000 reportedly offered to sex-swap boxing promoter Kellie Maloney.
A 'Celebrity Big Brother' insider told the Mirror newspaper: "Undoubtedly she will clash with some of the other housemates and generate loads of publicity for the show.
"She has been approached previously, but it looks like a deal has been reached this time."
The next series of 'Celebrity Big Brother' is due to begin in January, but show bosses have so far declined to confirm or deny whether Katie will be appearing on the programme.
Last month, Lord Alan Sugar claimed ex-'Apprentice' contestants Katie and Luisa Zissman are "of no interest to anybody".
He told Radio Times: "They'd go to the opening of an envelope if they got an invitation. They have their Andy Warhol moment, thinking it's going to make them famous, but very few have actually succeeded. Before long they're of no interest to anybody."

Cheryl Fernandez-Versini has been offered a new 'X Factor' contract worth at least £2 million.
The former 'Girls Aloud' star - who's returned to the judging panel this year alongside Mel B, Simon Cowell and Louis Walsh - is understood to have been paid £1.4 million for the current series of the show, but she is being offered a pay rise to secure her services for the next series.
A source said: "Normally negotiations don't start until after a series has finished, but it's clear the two girls have been popular and are both keen to stay on next year.
"Obviously they have successful singing careers of their own too though which are going from strength to strength at the moment, so they are in line for a pay boost to keep them both on board."
The source told Mirror Online: "Their chemistry has been great from the very beginning and they've both made it clear that they'd like to keep that pairing going - which suits producers too.
"There are going to be more serious discussions over the coming weeks and hopefully a deal will be finalised early next year - but it's only a case of ironing out the details."

Lily Collins claims her parents are still waiting for her rebel.
The 25-year-old actress admits her father, Phil Collins, and mother, Jill Tavelman, are surprised she hasn't gotten into any trouble in Hollywood.
She said: "[My mom] always said to me, 'When are you going to rebel?' but I never felt the need to! She was so encouraging about me being open, so there was this kind of acceptance and I never felt the need to step outside of that. Even though I grew up in LA, I was never part of that scene... but I love tapping into it with my job. I get to play round with different personalities, but it's not something I would purposely choose to do."
Lily says her family are very supportive and her mother has accompanied her to get three tattoos.
She said: "She ended up getting one herself. I'm itching for another one, and I'm pretty sure my mom will come with me again!"
The brunette beauty has learned a lot of valuable lessons from her parents and admitted she tried to emulate Jill when playing a mother in her new movie, 'Love, Rosie'.
She added to OK! magazine: "My dad always tells me not to focus on reviews, and my mom always says, 'As long as you are doing this because you want to, then it's the right decision - and no one can tell you otherwise.' So, no regrets.
"When I was younger I always viewed my mom as fun, and she's like, my best friend. I'd never played a mother before, so I tried to bring elements of our relationship to my performance."

Calvin Harris was forced to pull out of tonight's (09.11.14) MTV European Music Awards because of a heart scare.
News that Calvin, 30, would not be appearing at the much-anticipated event in Glasgow was revealed by event organisers, who only offered a vague reason as to why the world's top earning DJ would not open the show as planned.
However, Calvin has elaborated on the problem, telling his Twitter followers: "No EMAs for me this weekend. Got some heart problems. Heading home to see if it can be fixed x. (sic)"
The late decision to withdraw from the show creates a real problem for its organisers, who've had to make some last-minute adjustments.
A source told the Mirror newspaper: "Obviously everybody wishes Calvin all the best for a speedy recovery - but it will take a lot of reorganisation."
The show is being hosted by Nicki Minaj, who admits she's anxious about the responsibility.
The 'Superbass' hitmaker said: "I was having a lot of anxiety yesterday actually because I know there is a lot of pressure and it's a big job and I always want to give my best and be amazing.
"After I rehearsed yesterday I felt a lot better - it's going to be a really, really fun show."

Lorna Fitzgerald's new boyfriend is a porn star.
The 'EastEnders' actress - who plays Abi Branning on the popular BBC show - is currently dating 25-year-old sports therapist Keo Reid, who has made more than 20 X-rated online videos under a fake name which show him without any clothes.
A source says Lorna, 18, is "really embarrassed" about the revelations, adding: "She's such a sweet girl and she'll hate her family and everyone else finding out about this.
"It'll come as a real shock to them. I feel so sorry for her."
The Sunday Mirror newspaper cites a friend of Keo, who said: "I've just spoken to him and he's not happy that people will find out. Keo just did these films as a bit of fun for good money. There's nothing on there that's illegal.
"Although it features men, it's not a gay thing. It's a fetish website rather than a gay website. Everything is consensual and above board.
"The theme of the movies aren't sexual and Keo is completely straight. It's not about men interacting in a sexual way. It's a punishment or humiliation website."
The source added: "You get paid different amounts for different things depending on what you do.
"If you can earn £300 or £350 for a few hours work, it's a lot better than moving bricks around a building site all week. It's good money."

Ella Henderson sees Simon Cowell as her "cool uncle".
The 18-year-old singer, who was a finalist on the ninth series of 'The X Factor' in 2012, says that since signing with the music mogul, she has seen more of him than her own parents.
The 'Ghost' hitmaker explained: "I think of him as my cool uncle. When I see him he will always come and sit and have a chat, he is so normal, so down to earth, he will just sit there with a bottle of Becks in his hand.
"It's strange because he is the guy on the telly you're petrified of but he is lovely. He has been so amazing and supportive through this process. He is just as excited as me about my album coming out and sharing it with the world."
Ella also revealed Simon, 55, has been offering her plenty of sound advice, telling the Sunday Mirror newspaper: "The day I signed my deal Simon said to me that so many young people come to the industry and forget to enjoy it. He said he wants me to enjoy it, you don't know how long it will last, you don't know the future, but he said he could tell I wanted it.
"He cares, Simon always asks me if I'm happy, that's his first question, he asks if he can do anything, anything I need. I guess if he asked the wrong person, they could ask for everything but I'm so happy.
"It's nice to know he genuinely cares. He will only go forward with something if he believes in it."

Gemma Arterton found it "weird" playing Idris Elba's wife.
The 28-year-old beauty stars alongside the 42-year-old actor in 'A Hundred Streets' and admits their friendship made playing a married couple raising children seem a bit peculiar.
She said: "Idris and I are good mates - so it was weird to play husband and wife, especially when he'd play husband and wife, especially when he'd point to the young actors playing our children and say, 'That's what our kids would look like, Gem.' "
Away from her acting work, the 'Prince of Persia: The Sands of Time' actress has set up a production company with her friend and they are hoping to create more opportunities for women through the new venture.
Explaining how they want to establish strong, complex female roles, she told Britain's Glamour magazine: "Not just in films - but in TV and theatre too. And we want to work with female writers, directors, camera operators - there are just so few.
"It's early days, but watch this space."
Gemma recently made her stage musical debut as Rita O'Grady in 'Made in Dagenham' on London's West End and recently admitted she took on the singing role in a new production so she wouldn't be compared with anyone who had had the role before.
She said: "I've always wanted to do a musical. Always. I sang when I was younger and that went out of the window when I went to drama school.
"I've been offered a few musicals before but it just didn't feel right. I wanted to do something that nobody else had sung yet. I just don't want to be compared to somebody who has sung it better. I've not got the most amazing voice but I don't think Rita would have either."