A group of prizewinning authors and literary aficionados are setting up a new book prize that they claim will capture the original spirit of the Booker and become its most formidable rival.
Among supporters of the Literature Prize are former Booker winners Pat Barker and John Banville, and the twice shortlisted David Mitchell, as well as Mark Haddon and Jackie Kay.
A source said several other former Booker winners had expressed support.
The award's advisory board said it would reward the best in quality fiction - a role it said was fulfilled by the Booker prize until its criteria were changed.
The first longlist for the prize will be announced next year and it will include American writers - unlike the Booker which covers Commonwealth countries but shuns the United States.