I'm not sure if Python supprts it, but in .net regex, you can specify these options within the regex itself:
(?si)^a.*z$
would specify single-line, ignore case.
Indeed, the Python docs describe such a mechanism here: http://docs.python.org/library/re.html
To recap: (cut'n'paste from link above)
(?iLmsux)
(One or more letters from the set 'i', 'L', 'm', 's', 'u', 'x'.) The group matches the empty string; the letters set the corresponding flags: re.I (ignore case), re.L (locale dependent), re.M (multi-line), re.S (dot matches all), re.U (Unicode dependent), and re.X (verbose), for the entire regular expression. (The flags are described in Module Contents.) This is useful if you wish to include the flags as part of the regular expression, instead of passing a flag argument to the compile() function.
Note that the (?x) flag changes how the expression is parsed. It should be used first in the expression string, or after one or more whitespace characters. If there are non-whitespace characters before the flag, the results are undefined.