Netflix has just announced a brand new competition series called The Golden Ticket, which is inspired by the world of Willy Wonka from Roald Dahl's 1964 book, Charlie and the Chocolate Factory and the subsequent 1971 film.

Taking to Instagram to share the exciting announcement, Netflix posted a short teaser clip with golden letters flashing on the screen and saying: "What if you got a golden ticket? You're invited to a competition beyond imagination."

The caption read: "THE GOLDEN TICKET, an all-new competition show inspired by the beloved and unpredictable universe of Wonka, coming to Netflix." (sic)

The streaming giant also offered fans the chance to be a part of the show by posting a link to a casting website, but it's bad news for UK fans as it's only open for those based in the US.

Netflix fans have been looking for a new competition series since Squid Game season two aired in December and it looks like they've got their wish.

Further details about when the show will be filmed or a premiere date are yet to be revealed.

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Jeff Gaspin, Netflix's Vice President of Unscripted expressed: "We are thrilled to bring the magic of The Chocolate Factory to life like never before.

"This one-of-a-kind reality competition blends adventure, strategy, and social dynamics, creating an experience that is as captivating as it is unpredictable.

"For the first time, a lucky few won’t just have to imagine the experience — they’ll get to step inside the factory and live it."

Since the announcement, social media users have flocked to the comments section to share their thoughts on the new show.

One person suggested on Instagram: "Sell the chocolate in stores and make it like the movie where you can get the ticket by opening bars."

Another user penned: "Only watching if they actually are eliminated the way the OG Wonka took care of greedy people."

Roald Dahl released the Charlie and the Chocolate Factory novel in 1964 and it showed Charlie Bucket and a bunch of other children be invited to WIlly Wonka's chocolate factory.

A film adaptation called Willy Wonka & The Chocolate Factory released in 1971 followed by Johnny Depp starrer Charlie and the Chocolate Factory in 2005.

A prequel titled Wonka released in 2003 and saw Timothee Chalamet take on the role of the eccentric chocolatier in his younger days.

A release date for The Golden Ticket is yet to be revealed