The £15,000 honour has been created to recognise the role translators play in bringing fiction to a world audience.
The author of a work translated into English will collect the new award, and decide who should win if several people were involved in the translation.
Potential recipients of the first prize include Colombian author Gabriel Garcia Marquez and Czech writer Milan Kundera.
'Unsung hero'
The majority of this year's shortlist have been translated into English and will be eligible for the new honour.
Margaret Atwood, Muriel Spark and Ian McEwan are among the nominees for the £60,000 Booker Interational Prize, which will be announced next month.
The inaugural translation award will follow shortly afterwards.
Chairman of the international Booker judging panel John Carey said: "We became increasingly aware of the huge role translators play in making first-rate fiction accessible to a global audience".
"I am delighted that this separate award has been announced to recognise their unique part in readers' enjoyment of their work," he added.
Harvey McGrath, chairman of Man Group who sponsor the Booker prize, called the translator the "unsung hero" of international literature.
from BBC News
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