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The £50,000 publishing deal will be for world rights.
Mark Smith, chief executive of Quercus Publishing Ltd, said: "Quercus is thrilled to be working with Richard and Judy, Britain's best loved book advocates, to discover a new author and launch their writing career.
It's become a big thing culturally - people want to write. Over the next six years, selected titles went on to sell in excess of 10 million copies and generated more than £60 million in revenue.
Many featured books experienced a huge surge in sales, in some cases by as much as 3,000 per cent overnight, and at least eight chosen authors have become millionaires.
Seven out of the ten authors in their Summer 2013 book club list were debut writers.
There are no restrictions on genre, but the novel should be aimed at adults. "It's got to be someone who has never had their work in print," Madeley told the Telegraph.As we approach a vote on the UK's membership of the European Union, we look at what 50 writers, actors, historians, artists and comedians have said about Europe and its nations.With all of Andy Murray's success, it's easy to forget that he was in the school where the Dunblane massacre took place.We know there is a wealth of undiscovered talent out there and we are excited to start the search today." The launch of the competition coincides with the announcement of Richard and Judy's choices for their Autumn book club list.The eight chosen titles are: The Shining Girls, by Lauren Beukes Instructions for a Heatwave, by Maggie O'Farrell Heartbreak Hotel, by Deborah Moggach Never Coming Back, by Tim Weaver The Last Runaway, by Tracy Chevalier The Twins, by Saskia Sarginson The Husband's Secret, by Liane Moriarty Snow White Must Die, by Nele Neuhaus Follow @Telegraph Books The Big Short, the film adaptation of Michael Lewis' book of the same name about the causes of the financial crisis, opens in UK cinemas this weekend.