X Factor - It's Time To Face The Musical has secured £6m investment which will result in the show being created and staged at the London Palladium next to London's Oxford Circus.

The script has been written by comedian and TV presenter, Harry Hill, and will send up the show. Hill said that the theme will be: "at times scathing, without being cynical'.

The plot revolves around 'Chenice', an 18-year-old, who has never heard about the show as her grandfather's iron lung blocks out all ITV signals.

In a plot line reminiscent of the success of Pudsey the dog, who won Britain's Got Talent with his owner Ashleigh in 2012, Chenice meets a talking dog in the audition queue and they begin a journey to stardom 

The musical will feature 19 original songs, and is a joint venture between Syco and Stage Entertainment UK, who produced hit shows, Hairspray and Oliver!.

Characters inspired by the TV's shows judges have been created and include 'Geordie', a fictional verson of Cheryl Cole, and a man in his 80's who will play Louis Walsh.

Phillip Bateman, who worked on Billy Elliot, is the show's musical supervisor and Sean Foley will be directing.

The musical is scheduled to make its debut in 2014.

Watch Harry Hill and X Factor judge, Gary Barlow sing Beatles' hits below: