Netflix is launching a real-life version of its hit Squid Game show with a multi-million pound cash prize for the winner.

The original dystopian drama was made in South Korea and told the story of a group of people playing deadly games to win a huge cash prize to clear their debts.

A spokesman for the streaming firm said competitors in the reality TV version would face high stakes “but in this game the worst fate is going home empty-handed”.

Squid Game: The Challenge will star an international cast of 456 real players drawn from around the world and be filmed in the UK.

They will face challenges inspired by the original drama as well as fiendish new games to try to win £3.8 million ($4.56 million).

The original show, invented by Hwang Dong-hyuk, is the most popular Netflix show of all time and was streamed by 111 million people in the first 28 days of its launch.

Brandon Riegg, Netflix VP of Unscripted and Documentary Series, said: “Squid Game took the world by storm with Director Hwang’s captivating story and iconic imagery.

“We’re grateful for his support as we turn the fictional world into reality in this massive competition and social experiment.

The streaming service recently announced it had made around 150 staff redundant- shortly after confirming it was losing subscribers for the first time in 10 years.