The prize for this year's McLaren AUTOSPORT BRDC Award has been increased from £50,000 to £100,000.
The winner of the 22nd running of the award, which will be announced at the AUTOSPORT Awards in December, was already set to receive a McLaren Formula 1 test drive, full BRDC membership, Puma racewear for a year and an exclusive TW Steel watch.
Now the cash prize has been doubled by McLaren and the BRDC to aid the winner's progression up the motorsport ladder.
BRDC director Derek Warwick, who is also the chairman of the judging panel this year, said: "Between McLaren, AUTOSPORT and the BRDC we have made a massive commitment to increase the prize fund to £100,000.
"From a BRDC perspective, we are able to do this on account of our Patrons' Scheme, which helps create sponsorship opportunities for young drivers.
"We believe the prize fund will help underline the credibility of the Award."
AUTOSPORT publisher Rob Aherne added: "The increased prize fund is a huge boost to the programme in its 22nd year. We are extremely grateful to our partners for their outstanding support."
It has not yet been confirmed whether the increased prize will be continued into future years, but it is part of a push to provide bigger financial support for Award winners, who are often looking at Formula 3, Formula 2 and GP3 deals for the following season.
This year's finalists - Formula Renault aces Tom Blomqvist, Luciano Bacheta and Lewis Williamson, Formula BMW Europe runner-up Jack Harvey, British Formula Ford runner-up Scott Malvern and Formula Palmer Audi champion Nigel Moore - completed their tests in F2 and Mercedes DTM machinery last week. They are due to be interviewed at McLaren's Technology Centre this week.