Variety is reporting that the WB Network is close to inking a deal with Michael Davies' Diplomatic Productions, the team behind ABC's former hit "Who Wants to Be a Millionaire" to produce a two-hour live special with a whopping $1 billion jackpot--the most prize money offered in television history. According to the reports, Davies, executive producer of ABC's upcoming naughty new series "The Wife Swap," has joined forces with Pepsi to bring the big-bucks game show to the air in September.

Apparently there will be no "applications" -- instead contestants will have to win their spots on the show via specially marked Pepsi products. Of the 1,000 contestants who qualify, one will win the chance to compete for the mega-payout. The strategy is being likened to a real-life Willy Wonka and the Chocolate Factory. While there's no guarantee that anyone will win the $1 billion, Pepsi, which is putting up the prize money, is meeting with insurance companies, including Lloyds of London, to make sure the money's there should someone actually beat the house.

According to Variety, details of the game have not been disclosed, but contestants are likely to face off in a game of "chicken."