Michael Phelps will use the one million dollars bonus he received for winning eight Olympic gold medals in Beijing last month to encourage youngsters to get involved in sport.

The first initiative organised by the Michael Phelps Foundation will be an eight-city tour across the United States, during which the swimming star will discuss his Olympic experiences with schoolchildren.

Phelps said: "Thanks to a lot of hard work, some good fortune, the inspiration I drew from so many supporters around the world, and incredible team-mates, I was able to achieve that dream by winning eight gold medals in Beijing.

"My goals now reach beyond the pool. I want to help others realise their dreams, to encourage kids to be active and continue to help grow the sport I love so much."

Swimwear manufacturer Speedo promised to give Phelps the bonus if he equalled the record seven golds won by fellow American Mark Spitz at the 1972 Games in Munich.

Phelps, however, went one better and has won 14 Olympic gold medals in all.