The streaming platform is looking to build on the popularity of the hit South Korean dystopian drama which sees 456 participants competing in a deadly series of children's games.
Now, Netflix - which has renewed the programme for a second season - has also unveiled plans for 10-episode reality show 'Squid Game: The Challenge".
In a press release, the company said: "With both the largest cast and lump sum cash prize in reality TV history, 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."
Recruitment is open now while applicants must be at least 18 years old and English-speakers "from any part of the world".
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.
“Fans of the drama series are in for a fascinating and unpredictable journey as our 456 real world contestants navigate the biggest competition series ever, full of tension and twists, with the biggest ever cash prize at the end.”