Former Australian champion swimmer James Magnussen says he is ready to accept the challenge of taking performance-enhancing drugs to break a world record and collect a US$1 million reward.

The 32-year-old, who won 100m freestyle world titles in 2011 and 2013, is planning to come out of retirement and compete at the proposed "Enhanced Games", where banned substances will be allowed.

Founded by London-based Australian businessman Aron D'Souza in 2023, competitors would not be subject to World Anti-Doping Agency rules -- a concept that has been criticised as dangerous.

According to the Games website, all athletes taking part will get a base salary and prize winnings that "will be larger than any other comparable event in history".

Those who break a world record would receive US$1 million, with Magnussen, who retired in 2018, the first major name to take the bait in a bid to smash the 50m freestyle mark.

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