The show originally ran from 2005 until 2016 and was based on a 2002 Netherlands game show. Each week, a contestant is confronted with 22 sealed boxes, each of which conceals a different amount of money.
The contestant must then open one box at a time to reveal the amount of money inside and discard that amount from the game altogether.
They also have their own box. Meanwhile, the infamous Banker, who remains unseen, will offer various cash amounts in exchange for what might be in the contestant's own box.
If the larger cash sums remain unveiled, the Banker's offers will increase. But if the larger sums are revealed, the contestant will be forced to accept a lower offer or risk going home with an even lower amount of money.
It is unclear how the money will be divided up in this new edition but, previously, the lowest sum was 1p and the largest was £250,000.
Speaking about his appointment as host, Mulhern said: "Wow what an opportunity, I’m beyond excited to be hosting the brand-new series. I’ve always been such a huge fan of the show, so much so, I’ve been practising at home with small cereal boxes!"
He continued: "It looks so simple but it's an incredibly compelling game for both those playing and the viewers watching at home. It’s one of the greatest shows of all time and to be the new host is an honour! I can’t wait to get started."
There is currently no release date just yet but the show will air on ITV1 and ITVX, while people can now apply to be a contestant in the new series.
Deal or No Deal will air on ITV1 and ITVX.
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