SNP, Labour and Tory MSPs could find themselves ousted by a new multi-million pound fund bankrolled by a reclusive Scottish millionaire.

The newly-launched Campaign for a Free Parliament, which will give £10,000 each to 600 would-be MPs, will also target Holyrood, sources said.

The scheme is a bid to radically increase the number of independent MPs at Westminster.

Among those who could apply for the money are disgruntled current Labour or Tory MPs.

Many Labour MPs who oppose leader Jeremy Corbyn already fear being ‘deselected’ as the candidate to fight the next election.

The campaign plans to hold open primaries in all 600 Westminster constituencies to be fought in 2020.

The winners will be selected though the online voting websites Vote-Scotland and Vote-England.

Co-founder and campaign director Martyn Greene said that he had already been contacted by people who wanted to stand for Holyrood as well.

"It is probably unlikely that we will be able to for May's Scottish Parliament elections, " he said, "but we want to extend this to Holyrood as well as Westminster."

He would not be drawn on the identity of the Scottish industrialist funding the campaign, however.

“There have been lots of suggestions about who it might be," he said.

"I’m not going to confirm or deny any of them.”

The millionaire was not opposed to publicity, he said, but did not want to become the focus of attention.

However it is understood that he will be present at the official launch of the campaign next month.

There are currently four independent MPs at Westminster.

However, only one, Northern Ireland’s Lady Sylvia Hermon, stood as an independent at the general election.

Two are SNP MPs who were suspended by the party last year, the Edinburgh West MP Michelle Thompson and the Glasgow East MP Natalie McGarry.

Both deny allegations of wrongdoing.