A $1 million bonus will be up for grabs next year as part of a new initiative unveiled by Racing Victoria.

The $5.5 million Group One Championship, comprised of two separate series, will headline next year's Melbourne Festival of Racing.

The Sprinters Championship will be made up of the Lightning Stakes at Flemington on February 16, Oakleigh Plate at Caulfield a week later and Newmarket Handicap down the straight course on March 9.

The middle distance Championship comprises the Orr Stakes at Caulfield on February 9, Peter Young Stakes at the same venue a on February 23 and the Australian Cup at Flemington two weeks later.

Any horse that can make a clean sweep of either series will earn a $1 million bonus, to be shared by the winning owners, trainer and jockey.

"The G1 Championship takes inspiration from American racing's famous Triple Crown and we're issuing the challenge to Australasia's elite sprinters and middle distance performers to create a unique place in history," said RV CEO Bernard Saundry.

Only one horse, Placid Ark in 1987, has claimed the sprint treble while Vo Rogue (1989) and Let's Elope (1992) both made a clean sweep of the middle distance series races.