The annual Man Booker Prize will go global from 2005 with an additional award every two years for any work of fiction that is available in English.
The new £60,000 award will be open to authors of any nationality whose work has been written in or translated into English.
The current £50,000 Booker Prize is only open to authors from Ireland, England and the Commonwealth.
An author may only win the new award once and a shortlist of 15 writers will be announced next year.
