Simon Cowell has revealed the age limit for the US version of the X Factor will be 12-years-old and the winning prize will be five-million dollars.

Speaking about the format for the new show and the fact that the winner will receive the largest guaranteed prize in TV history, Simon said: “I like the idea that a 12-year-old on this show can compete with an older singer and a singing group.

“I’ve never believed there should be a cut-off age for talent, and we are going to put our money where our mouths are with the $5 million recording contract. I’m doing this show in America because I genuinely believe we can find a superstar.”

Simon is due to make another announcement in the near future regarding the judging line-up as well as who will be presenting the show.

In the meantime, the second official trailer has been released (the first 30-second clip screened during the American superbowl). Watch it here:

http://www.youtube.com/watch?v=3FCVvZrmv3s