Deal Or No Deal is set to return to screens with Stephen Mulhern on hosting duties.

ITV has announced it is reviving the gameshow, which became famous for its red boxes ranging in cash prizes from 1p to the £250,000 jackpot, after it was axed by Channel 4 in 2016.

The new series will see “a brand-new setting with brand-new prize boxes and a new batch of contestants”, according to ITV.

Mulhern, 45, has been confirmed as the new host for the series, which was originally presented by Noel Edmonds for 11 years after it launched on Channel 4 in 2005.

Speaking about the revival, Mulhern, who is known for presenting Britain’s Got Talent spin-off Britain’s Got More Talent and Catchphrase, said: “Wow what an opportunity, I’m beyond excited to be hosting the brand-new series.

“I’ve always been such a huge fan of the show, so much so, I’ve been practising at home with small cereal boxes!

“It looks so simple but it’s an incredibly compelling game for both those playing and the viewers watching at home.

“It’s one of the greatest shows of all time and to be the new host is an honour.

“I can’t wait to get started.”

The show will see a contestants faced with 22 sealed boxes, each one hiding a different amount of money.

Unaware of the amount of money in each box, the contestant must eliminate the boxes, which are opened one at a time to reveal how much money is inside.

Meanwhile, the show’s Banker, whose identity was kept a secret in the original series, will try to tempt the contestant to accept cash in exchange for what their box may contain.

Providing the larger cash prizes remain unchosen, the Banker’s offers will continue to increase, but everything is subject to change if a large cash prize is unveiled.

The new series will be produced by Remarkable Entertainment and see contestants battle it for the chance to win a potentially life-changing sum of money.

Deal Or No Deal originally launched in the Netherlands in 2002 and went on to be commissioned in more than 80 territories around the world.

The show first landed on UK screens in 2005 and soon became a stalwart of daytime television.

Following the news the show was to be axed, then-host Edmonds, 74, embarked on a farewell tour of the UK and took the show’s 22 red boxes to the audience at recognisable landmarks.

During its original 11-year run, just nine people walked away with the £250,000 jackpot.

Ahead of the show’s return, this time on ITV, the broadcaster’s head of entertainment commissioning Katie Rawcliffe said: “Deal or No Deal is such an iconic format and we are delighted that it will be joining the ITV family.

“Stephen’s infectious warmth and wit mixed with his natural rapport with members of the public is the perfect combination for this much-loved TV series.”

While joint managing director of Remarkable Entertainment Tamara Gilder added: “We are thrilled to be bringing Deal Or No Deal back.

“It’s an iconic format but now on a new channel with a new, fantastic host.

“We also have a new Banker, but I’m afraid they’re even more awful than the last one.”

Casting for Deal Or No Deal is now open via the show’s website.