Mr Palin said Sheffield played a part in the success of his career
Sheffield has submitted its "imaginative and dynamic" bid to become the first UK City of Culture in 2013.
City born Monty Python star Michael Palin and actor Sean Bean have backed the bid for the title along with indie rock band Arctic Monkeys.
The successful city will host a number of events which are expected to provide economic and social benefits.
The shortlist includes Birmingham, Derry and Norwich. A winner is to be announced in early July.
Those behind the bid said Sheffield already had a superb track record for delivering major events.
Councillor Paul Scriven, leader of Sheffield City Council, which is leading the bid, said: "The stage is set and we want to be centre stage."
He added: "Our bid is about the people, communities, businesses and organisations in the city, creating, making and participating in the 2013 programme.
"We know our programme can cut it with the best internationally and we will invite the rest of the world to experience it here with us in Sheffield."
The UK City of Culture 2013 follows the success of Liverpool's year as European Capital of Culture 2008, which included a total income of £130 million over six years.