Sony PlayStation is aiming to attract 1m players to the game, helped by a marketing campaign understood to be in development.
Entrants to The Game will be divided into two teams, with the competition split into three rounds and an overall winner emerging after 12 months.
The Game will integrate closely with Facebook via a series of applications and fan pages along with ads across the social network.
Following the tie-up with Facebook, which allows gamers to access the social network via the console, entrants can update their status during the game to get ‘trophy updates’ synched with the site.
The electronics giant will also invite brands to get involved in the game as Sony bids to claw back ground on chief rival Microsoft Xbox which has agreed a range of deals across its connected Live network.
This month Sony weighed in with the launch of a high-definition video store on the PlayStation Network.
Online platform Xbox Live announced agreements with third parties including Facebook, Last.fm, Sky and Twitter last week and is aiming to get others to take up the platform, including BBC iPlayer, Channel 4’s 4oD and MySpace.