However, participants will not be competing in a life or death competition, as depicted in the popular Netflix series.
In the new competition series, 465 recruits from around the globe will go head-to-head during games where 'the worst fate is going home empty-handed' and missing out on the $4.56m (£3.8m) prize.
But how do you apply for the show and what are the entry requirements?
Here's everything you need to know:
What are the entry requirements?
On June 15, Netflix announced a new 10-episode series called Squid Game: The Challenge, where the ‘largest cast and lump cash prize in reality TV history’ would be up for grabs.
Netflix said: ‘456 real players will enter the game in pursuit of a life-changing reward of $4.56 million.
‘As they compete through a series of games inspired by the original show - plus surprising new additions - their strategies, alliances, and character will be put to the test while competitors are eliminated around them.
‘The stakes are high, but in this game, the worst fate is going home empty-handed.'
Participants must be at least 21 years old, speak English, and be available for up to four weeks in early 2023 for filming.
How to apply for the show
Applications are open now to take part in Squid Game: The Challenge via squidgamecasting.com.
As part of the application, you will need to film a one-minute video telling the casting agents about yourself, why you want to take part in the show, and what you would do with the huge cash prize.
Headshots are also required for entry.
Will there be a season two of Squid Game?
Squid Game season two was announced by Netflix last week.
The first series, which premiered in September 2021, followed a group of debt-ridden civilians who have to fight for their lives in a competition to win enough money to pay off their debt.
Squid Game became an overnight success and soon became the most watched series on the platform a month after its release.
In a statement, the show's creator, Hwang Dong-Hyuk, said: ‘It took 12 years to bring the first season of Squid Game to life last year.
‘But it took 12 days for Squid Game to become the most popular Netflix series ever.
‘As the writer, director, and producer of ‘Squid Game,’ a huge shout out to fans around the world. Thank you for watching and loving our show.
‘And now, Gi-hun returns. The Front Man returns. Season 2 is coming.’
An official release date is yet to be announced for season two.
How to watch season one of Squid Game
The first season of Squid Game is available to watch now on Netflix.
Netflix subscriptions start from £6.99 a month.