The judging panel will be comprised of author Ian Rankin, Guardian cartoonist Steve Bell, author and cartoonist Ed Hillyer, graphic novelists Hannah Berry and Bryan Talbot, and Myriad Editions creative director Corinne Pearlman.
Entrants are asked to submit a one-page synopsis and between 15-30 pages of a graphic work in progress.
Pearlman said: "Creating a graphic novel can be such a long and lonely business. We hope the competition will create an opportunity for creators to reach a more general literary readership. It will not only identify new talent but also aim to further promote graphic novels to an ever-growing audience."
The closing date for entries to the competition is 1st October 2011, with the winner to be announced at the First Fictions Festival in January 2012. The novel would be considered for publication by Myriad in 2012/13.