In the South Korean series, which premiered this autumn, a group of indebted people had to compete in a series of deadly children's games to win money.
In "Squid game: The challenge", "the worst thing that can happen is that you have to go home empty handed", says Netflix.
456 participants will compete in ten episodes for 4.56 million dollars, corresponding to over 46 million kronor, the streaming giant states.
The reality show will be filmed in the UK, but no release date has been announced.
"Squid game" is according to Netflix the company's most popular series.
It has been renewed for a second season.
When it will premiere, however, is unclear.
Earlier, South Korean screenwriter and director Hwang Dong-hyuk said that writing was slow, and that viewers could wait until 2024.