Simon Cowell has announced that the winner of the upcoming US version of the X-Factor will win a massive $5million record deal.

The winner of the series will walk away with televisions biggest ever prize in the Sony Music contract.

Simon Cowell says on the X-Factor website: “I believe that America has the best talent in the world. I believe that with all my heart.”

If that wasn't enough of an incentive for potential stars to come out of the woodwork and to tempt an entire nation to watch the show he added: “If you win this competition I'm going to put my money where my mouth is – it's a $5m recording contract. That means the winner will walk away with $5m guaranteed. Win this competition, it will change your life forever.”

Americans who think they have the X Factor will be able to show the team what they have to offer at the first auditions to be held in Los Angeles on March 27.

However the prize money means that the show will simply have to produce a top star.

Simon Cowell said: “It is a massive, massive risk but it's also an incredible incentive. It puts everybody, rightly, under an enormous amount of pressure.

“If they don´t sell a single record they still get to keep the money. It is pressure, because if the wrong person wins, I'm in trouble. We've got to find somebody fantastic to get the money back.”

The much hyped new show will have less tight age restrictions than American Idol with contestants able to enter the show from as young as 12 and no upper age limit.

Simon Cowell said: “I've never believed there should be a cut-off age for talent,” with the global phenomenon of Susan Boyle being the casing point.

While new details about the show are slowly being revealed the all important announcement of who will be sitting in the judges seats is yet to come.

There have been rumours that Cheryl Cole will fill the hot seat as well as Paula Abdul who was a judge on American Idol.

“We've spoken to her (Paula Abdul), she knows I'm a big fan. I have always said at some point er are going to be working together. I have to take everyone's opinions into account, including the show's other producers and the network.”

The US version of the X-Factor is due to be screened in America in the autumn.