Twelve celebrities will take part in the series 'In the Frame', which begins on September 1. They will be interviewed by Five arts presenter Tim Marlow, taking a musical journey through their favourite artists and works of art.
Along with Palin, journalists Jon Snow and Kirsty Wark, and children's author Quentin Blake will be taking part. A dedicated microsite at classicfm.com will feature the works of art chosen by the celebrities.
'In the Frame' is sponsored by the art charity the Art Fund, which aims to keep great works of art publicly owned. The deal was put together by Emma DeLaFosse and Charlie Wilson, creative directors at OgilvyOne Worldwide London, and Louise Trinder, group head of Classic FM Media Partnerships.
Darren Henley, managing director of Classic FM, said: "We know that the Classic FM listeners have an appreciation for art, and using both radio and the internet, we want to bring visual art to life for a radio audience for the first time."
According to the Rajar figures published this month, Classic FM's, part of GCap, share of listeners dropped from 4.2% to 4% during the last quarter, a loss of 300,000 listeners.
Among the works of art the Art Fund has helped to keep in the UK are Velazquez's The Rokeby Venus and Raphael's Madonna of the Pinks.