Peter has teamed up with Comic Relief to write and perform in a stage version of the hit TV comedy - and all the original cast are in.
Take Me Out host Paddy McGuinness will return as Max's fellow doorman Paddy, while Dave Spikey will be back as compere Jerry St Clair.
The Channel 4 comedy has not aired since 2002, so this latest announcement has caused quite a stir!
Confirming the show on BBC Radio 2, Peter said: "It's been so hard getting everybody together at the same time, it's really hard, but we've all set the time aside and we've been working on it since February, writing it and getting together.
"It's lovely to do it and I hope people support it because I think it'll be a belter. I don't know if anymore will come off the back of it...we'll just have to see."
Phoenix Nights Live will take place at the Manchester Arena on 31 January and 1 February 2015.
Peter added: "I think the main reason for doing this for Comic Relief is because, if it sells, it could make an absolute fortune.
"You're always trying to think of new ways of doing things and I just thought nobody has done this before, nobody's got together the cast of a sitcom and done a show on stage and given all the money to Comic Relief.
"I thought, if we can all agree, the money it could raise would be fantastic."
Tickets for the two performances go on sale Sunday 30 November at 11:00am. Exciting!
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