The series order follows on from last month's news that Lucas and James had recorded a non-broadcast pilot.
The producers say: "After 18 years off our screens, Sky are bringing back Fantasy Football League, the iconic comedy football show blending football fanaticism with celebrity chat. Originally fronted by the show's creators, David Baddiel and Frank Skinner, the duo will be passing the ball to brand new hosts, Matt Lucas and Elis James. Fantasy Football League will be returning to our screens this autumn for a new 16-episode series on Sky Max and NOW."
The new series has the blessing of the original creators.
Matt Lucas says: "I loved watching Fantasy Football League with Frank, David and Statto and am chuffed to bits to be a part of this new incarnation. I now make a living eating cake and watching football. I must be the luckiest man in the world. I also get to share the sofa with Elis, who is not only hilarious but the biggest football geek I've ever met. See you next season."
Elis James adds: "I couldn't be more delighted to be bringing back Fantasy Football League, although Matt's Arsenal obsession means writing meetings are often derailed by long, wistful chats about Ray Parlour. To be presenting a show I used to tape off the telly is a dream come true. The ambition is to make a show that's as loved as the original, and fill it with references to Swansea City without making it unwatchable."
Running from 1994 to 2004, the original show saw celebrity guests competing against each other as managers in a 'fantasy league' as well as chatting all things football. The show also included the regular feature Phoenix From The Flames, where a retired star footballer recreated one of their most memorable moments in football.
Fantasy Football League will arrive on screens this autumn in time to link in with the 2022 FIFA World Cup, which will take place in Qatar in November and December. Sky has also ordered Got Got Need, a football-based entertainment series featuring Jack Whitehall and Jamie Redknapp.