It represents an increase by nearly three times of what they could have earned last year had they won every Test series and is a reaction to fears there could be a major imbalance in earnings between Test and one-day players.

The one-day side can expect to earn in the region of £250,000 each providing they win the Twenty20 match against a West Indies all-stars side in Antigua organised by Texan billionaire Sir Allen Stanford.

Leading stars like Kevin Pietersen and Andrew Flintoff can also anticipate further lucrative contracts to play in the Indian Premier League next year with England and Wales Cricket Board chief executive David Collier confirming there will be a 10-day window for them to appear after the tour to the West Indies.

But Test specialists like captain Michael Vaughan and Andrew Strauss have missed out on the gravy train as they have slipped out of favour for the one-day team and the ECB have attempted to address this with a bumper win bonus if they are successful.

It follows an announcement just 24 hours previously of a Champions League involving two Twenty20 teams from England, South Africa, Australia and India with the winners on course to land £2.5million - a staggering amount for the previously impoverished county game.

"We're moving immensely fast as a game," conceded ECB chairman Giles Clarke. "The game has changed in terms of remuneration and opportunities for players beyond all recognition over the last nine months and I would argue for the better.

"It must be right that our players can receive significant rewards if they are outstanding players and if they're successful, but it's a path we need to go down with care.

"It's one which we have consulted closely with Peter Moores, Michael Vaughan and Paul Collingwood and with the players.

"We're going to need to ensure that if we have people who are pure Test specialists they are also rewarded and we're in the position to enhance the opportunities for our Test side and we have established a new bonus structure for winning Test series."