Panesar's Chilli & Tomato-chutney flavoured crisps - Magic Monty's Spicy Spinners - will go on sale from this month.
"This promotion is all about fun, using your imagination and enjoying food and flavour. I hope to inspire people to enter their own unique idea," he said.
The campaign is running for nine weeks on terrestrial and key satellite channels and is part of a £10 million spend behind the promotion, which Walkers said was the biggest for a single campaign in its history.
The winner will receive £50,000 plus 1% of future sales of the new flavour.