Know of someone in a London or south-east teaching job who deserves $1 million (£600,000)?

In fact, it doesn't need to be restricted by any sort of geographical or specialist basis, as the cash bonus is the prize for the 'world's greatest teacher'.

Organisers hope the award will become the education industry's equivalent to a Nobel prize and had previously been unsure whether the money would go to the individual teacher or their school, but have now decided it is healthiest for the profession to reward the teacher.

"I want to draw attention to the achievements of teachers and the enormous impact they have on all of our lives," said Sunny Varkey, founder of the Varkey GEMS Foundation, which is running the award.

"They must be returned to their rightful position as the most respected profession in society, which is properly rewarded and celebrated."

This is a sentiment that chimes with what many influential figures in the British educational sector are saying - that there is a direct correlation between the social standing of the teacher and the overall success of a school system.

Any teacher can win this award, but they will need to remain in the profession for five years to receive the cash prize, which will be delivered in ten annual instalments.

Judges include the actor Kevin Spacey, deputy mayor of London Munira Mirza and Teach for America founder Wendy Kopp. Obviously, the panel will also feature heads and other education experts.

Selection criteria includes exceptional results, the respect of the community and good standing within the teaching profession.

"This prize is not just about money," added Mr Varkey. "It's about unearthing thousands of stories of courage and inspiration."

As somebody looking for a teaching role, do you think this will help instil pride back into the profession? Would you carry on teaching if you became £600,000 better off?

Let us know your views.