[regex] Regular expression to match DNS hostname or IP Address?

def isValidHostname(hostname):

    if len(hostname) > 255:
        return False
    if hostname[-1:] == ".":
        hostname = hostname[:-1]   # strip exactly one dot from the right,
                                   #  if present
    allowed = re.compile("(?!-)[A-Z\d-]{1,63}(?<!-)$", re.IGNORECASE)
    return all(allowed.match(x) for x in hostname.split("."))