Celtic and Rangers have been given an extra incentive to clinch this season's Clydesdale Bank Premier League title, with the winners earning an invitation to the potentially-lucrative Peace Cup.

The 12-team pre-season tournament will take place in Spain from July 24 to August 2. The winners will receive £2million, the runners-up £1million and the third and fourth-placed sides £500,000 each.

"The Peace Cup want the SPL winners to take part," tournament spokesman Michael D'Arcy said.

"Celtic are currently in the driving seat, but we will have to wait until the end of the season to see what happens.

"Discussions are taking place with both clubs, but nothing has been contracted. I believe both clubs are talking it over with their head coaches before making any decision."

So far, Real Madrid, Juventus, Porto, Lyon, Copa Libertadores champions Liga de Quito from Ecuador, and Al Ittihad from Saudi Arabia have all reportedly confirmed their participation.

It is the first time the tournament will be played in Europe, having previously been held in South Korea. The games will be held at five venues: Jerez, Malaga, Huelva, Madrid and Seville.

The first club from each group will qualify for the semi-finals, with the final taking place in Seville on August 2.