The dystopian Korean drama series became the streaming giant's "biggest TV show ever" after being released last year.
Fans will be able to apply for Squid Game: The Challenge, which will see 456 real players enter the game in pursuit of a prize of $US4.56 million ($A6.64 million).
Netflix claims the show will host the largest cast and cash pot prize in reality TV history.
The 10-part competition will see competitors battle through a series of games inspired by the original show, alongside some new additions.
Strategies, alliances and character will be put to the test as each round contestants are eliminated.
However, the streamer has confirmed that the players will not face the deadly consequences of the drama series, and their worst fate will be going home empty-handed.
Casting for the series is open, with English-language speakers from any part of the world encouraged to apply.
Squid Game holds the record as Netflix's most popular series ever, with 142 million households around the world watching the show in its first four weeks after it was released in September 2021.
Netflix has renewed the show for a second season, with Hwang Dong-hyuk returning to directing duties.
10°C