Ant and Dec left SM:tv in December

The new show - which as yet is untitled - will mix game-show, comedy and interactivity and is expected to launch later this year.

The show hosts, Ant McPartlin and Declan Donnelly, made their name in ITV1's children's programme SM:tv - after a stint in BBC children's series Byker Grove.

They also had a string of top ten pop hits in the early 90s in the guise of PJ and Duncan, their character names in the BBC series.

The pair have been heavily involved in developing ideas for the new show, which they are currently rehearsing.

'Suprises'

Ant said: "We're incredibly excited to be part of such a revolutionary new TV show.

"We love the idea that someone could walk away with the most exciting prize package on television, or just a sorry pack of bog rolls."

Dec added: "Live TV is what we love doing most and it gives us a great opportunity to pack the show full of prizes and surprises."

An ITC spokeswoman said it would be up to the programme's producers to ensure they complied with advertising rules.

"We do not have the power to preview material - that would put us in the position of a censor.

"It is up to the broadcaster to ensure that what goes on screen complies with our codes," said the spokeswoman.

The show's executive producer Duncan Gray said that he hoped the show would become "talked-about television".