Simon Cowell Simon Cowell

This is something worth singing about: The winner of Fox's upcoming singing competition series The X Factor will receive a hefty $5 million grand prize — the largest in television history — the network announced Monday.

"We are going to put our money where our mouths are with the $5 million recording contract," executive producer Simon Cowell said in a statement. "I'm doing this show in America because I genuinely believe we can find a superstar."

Fox: X Factor and Idol "completely different"

The  X Factor's judges — who've yet to be revealed — will travel the country searching for vocal groups and solo singers. Performers must be at least 12-years-old to audition, but there are no other age restrictions.

The search kicks off Sunday, March 27 in Los Angeles, and the first auditions will not only take place n front of the judges, but an audience of thousands. Tryouts will also be held in Chicago, Dallas, Miami, New York, and Seattle. For more information about auditions, click here.

The winner's $5 million recording contract will be provided by Syco/Sony Music.

Are you excited for the inaugural season?