The television company FOX has unveiled the grand prize that will be received by the 2011 American X Factor winner. 

FOX released the information this morning, February 7, and explained that the winning contestant will be given a $5 million record deal with Sony Music. There is no upper limit for contestants, but the youngest age has been confirmed as 12. Simon Cowell said in a statement:

""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." 

No judges have been confirmed yet, but auditions for the forthcoming series will begin in Los Angeles on March 27. Watch the trailer for U.S X Factor that aired during last night's Super Bowl here: