Stephen Mulhern "beyond excited" to host Deal or No Deal revival for ITV

The original show ran from 2005 to 2016 and was hosted by Noel Edmonds on Channel 4, after being based on the original 2002 Netherlands format of the game.

The nerve-wracking game is set to continue in the same vein, with the premise remaining the same: in each episode, a contestant is confronted with 22 sealed boxes but each one is hiding a different amount of money. This could range from as little as 1p to £250,000 in the original show.

Without knowing what each box contains, the contestant must eliminate the boxes – but to add to the pressure, each box is opened one at a time with the amount of money inside then revealed.

The contestant in play also has a box of their own and throughout the game, the Banker makes cash offers in exchange for what could turn out to be a hefty sum in the contestant's own box.

As long as the larger cash prizes remain unchosen throughout the game, the Banker’s offers will get higher. But things can quickly develop in Deal or No Deal and the Banker's offers can change in an instant if a big cash prize is unveiled.

Read more:

• Lady Gaga spotted on set filming Joker 2 in Harley Quinn look
• Schitt’s Creek producer wants "something similar" from The Big Door Prize

It's a game of intuition as much as it is luck and chance, so there's no telling how much anyone walks away with – until those fateful final moments when the final box amounts are revealed.

While there currently isn't a release date confirmed for the Deal or No Deal revival, casting is now open for those interested in applying to appear on the show themselves. Have you got what it takes to beat the Banker? If you're interested, be sure to apply here.

Speaking about hosting the new series, Mulhern 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."

Similarly, joint managing director for Remarkable Entertainment, Tamara Gilder, said: "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."

Deal or No Deal will air on ITV1 and ITVX. Check out our TV Guide and Streaming Guide or visit our dedicated Entertainment hub for the latest news.

Try Radio Times magazine today and get 12 issues for only £1 with delivery to your home – subscribe now. For more from the biggest stars in TV, listen to The Radio Times Podcast.