Students from 10 UK universities from Brighton to Edinburgh are being invited to take part in the challenge.
Individuals or teams are invited to submit their designs for the sandwich filling, a breakdown of focus group feedback, market theory behind the flavour combinations and a promotional strategy. Following a competitive pitch process, the winning creation will then go into production.
The contest will be launched during a sampling campaign at the target universities which will encourage students to trial the product range, take part in games and apply to be considered as a Cranks brand ambassador.
Karen Wilson, marketing manager for All About Food, the company who owns the Cranks brand, commented: "The Cranks range of sandwiches and wraps are a staple lunch for students throughout the country, so how better to decide what the next product development should be?
"We are passionate about supporting students who show a real hunger for entering the market. The campaign will offer students the opportunity to gain a competitive edge with tangible experience to put on their CV."
Campaign registration will take place through an application hosted on Facebook.com/cranksfood. The winner will be announced in December 2013, with the finished product due on shelves by March 2014.