Pepsi-Cola North America has teamed up with the ABC Television Network to offer one person the chance to become a billionaire. In the Pepsi "Play for a Billion" Sweepstakes, one finalist will be guaranteed to win US$1 million on national television, with the chance to walk away with an additional prize of $1 billion.

Actor Damon Wayans will host the culmination event on ABC on 12 September.

The promotion will feature on specially-marked Pepsi, Diet Pepsi, Caffeine Free Diet Pepsi and Sierra Mist products, and on ABC during the summer.

In a statement, senior vice president and chief marketing officer at Pepsi-Cola North America Dave Burwick said: "We are thrilled to partner with ABC on what could be a record-breaking event. ABC's line-up of popular comedy shows and talented stars will introduce millions of viewers to our promotion and give Pepsi drinkers the opportunity of a lifetime."

In support of the promotion, a national television commercial featuring Wayans will begin airing next week.

Last year, Pepsi awarded $1m to West Virginia resident Richard Bay during the company's first "Play for a Billion" Sweepstakes. Bay missed the $1 billion grand prize - based on a six-digit random number selection - by two digits, but beat nine other finalists to win $1 million.