FIFA are set to announce the prize money on offer for this summer’s Club World Cup, talkSPORT understands.

The USA will host the first edition of the revamped tournament from June 14 to July 13.

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FIFA are set to announce a $1billion prize pot for the Club World Cup[/caption]

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Gianni Infantino’s expanded tournament is scheduled for this summer[/caption]

Chelsea and Manchester City are both set to compete in an expanded 32-team field.

Clubs are expected to learn later on Wednesday that they will be competing for a share of a $1billion (£777m) prize purse.

It follows an exclusive global TV deal between FIFA and DAZN, which was announced in December and is worth the same amount.

There will also be a solidarity payment distributed to teams not competing in the tournament.

Meanwhile, FIFA will not retain any of the revenue from their new-look Club World Cup.

A full breakdown for each region and club is set to be revealed next week.

However, the 12 European participants are expected to receive a bigger share of the total purse.

It comes after FIFA president Gianni Infantino said in December: “Whatever FIFA does, [it] has to be global.

“[FIFA] has to involve the globe. [FIFA] has to give opportunities and chances to [everyone] all over the world, and the Club World Cup is doing exactly that.”

The expanded format and summer schedule has drawn criticism for adding to an already congested fixture schedule for players.

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The Club World Cup will feature 32 teams with representatives from each continent[/caption]

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City and Chelsea are the only two English clubs involved in the tournament[/caption]

Chelsea and City both qualified for the tournament alongside Real Madrid as the most recent winners of the Champions League.

The Blues have been drawn against Flamengo, Mexico’s Leon and Esperence de Tunis of Tunisia.

City, meanwhile, are in a group with Juventus, Al-Ain and Moroccan side Wydad.

The remaining nine European representatives were then confirmed by UEFA’s four-year club rankings.

Champions from Africa, Asia, North America, Oceania and South America’s premier continental competitions will also appear.

Lionel Messi’s Inter Miami as the host nation qualifier following their MLS Supporters’ Shield triumph in 2024.

Matches will be held at 12 stadiums across 11 host cities, with the final at MetLife Stadium in New Jersey.

The 82,500-capacity arena will also host the 2026 World Cup final, with the USA co-hosting the tournament with Canada and Mexico.