"The Island with Bear Grylls" will return later this year with a new £100,000 prize fund and a new name.
The new series will be called "Treasure Island with Bear Grylls" and will see 12 members of the public stranded on a remote Pacific Ocean land mass for a month, but this time a huge cash sum is hidden across the island as part of a "radical new twist".
The 44-year-old survival instructor said: "This radical new twist on the island experience will test whether human nature really is ruled by the quest for financial gain, or whether co-operation and altruism in the face of adversity can bring their own reward."
The islanders will be pushed to their limits as they try to find the cash prize. Only those who make it to the end can keep their share of the money they find. Those who finish early will be forced to leave with nothing.
Ian Dunkley, Channel 4's commissioner, is eager to see the effects of the "fascinating new twist" following five successful seasons.
He said: "Being marooned on "The Island" has always been one of the most extreme but rewarding experiences on British television.
"After five successful series, it feels like now is the right time to reinvent the format - and this fascinating new twist promises to shake things up in unpredictable ways."
Tim Whitwell, Shine TV's creative director, also admitted the cash prize twist will make the show even more challenging and intriguing than ever before.
He said: "Just when you thought "The Island" couldn't get any harder this intriguing development will push our everyday heroes to new limits.
"Adding money, the most powerful force in modern day society, to the equation will challenge more than just the ability to survive."