The competition is set to take place in the new Taekwondowon complex in Muju, South Korea from June 10 to 12.

It will feature 256 taekwondo fighters that are all below 70 in the Olympic rankings. 

In the new G1-ranked tournament, 32 individuals in each of the eight Olympic weight categories, four male and four female, will be selected. 

The winners and runners-up in each of the categories will then win both prize money and a ticket to the elite Grand Prix, which is due to held in Manchester, England in October. 

Athletes currently ranked at or above this threshold are able to compete in the Grand Prix series.

Organisers of the Grand Prix Challenge hope that the event will lead to greater opportunities for the younger generation of fighters.

"We are running this fixture to offer the leading up-and-coming athletes in our talent pipeline a fast stream to the very highest level of the sport," said World Taekwondo President Chungwon Choue. 

"Muju offers the best of the new a chance to fight against the best of the best."

The most recent event in the Grand Prix series, held in Rome, concluded last weekend.

This year's series final is scheduled to take place in Wuxi, China in December, with exact dates yet to be confirmed.