Sir Bernard said the elections watchdog, the Electoral Commission, should veto the show.
'It should say quite clearly that the person who is selected would have a gross advantage in terms of publicity over every other candidate,' he said. ' If this is allowed to go
ahead, it just shows the inadequacy of the law.'
ITV insiders have been careful to ensure the programme does not break TV guidelines and are understood to have taken advice to ensure it would not contravene electoral law.
But the Electoral Commission and the Department for Constitutional Affairs both said last night that they had not been consulted. A commission spokesman said: 'We haven't seen any detailed plans and we haven't been asked to consider the matter.
'In principle, we are supportive of initiatives which seek to generate interest in politics and elections.
'We see no obstacle in electoral law for this. But the broadcaster would need to take care to ensure that they maintain impartiality and do not give undue prominence to a particular candidate at the time of an election.'
It is understood that a number of individuals have already been approached by ITV and programme makers Ludus Entertainment to be on the panel of experts.
Those suggested include Sir Bob Geldof and Internet entrepreneur Martha Lane Fox.
Broadcasters have been keen to try and find ways of encouraging more interest in politics.
Steve Anderson, ITV's head of current affairs and the man who commissioned Vote For Me, tried without success to persuade the leaders of the major parties to have a televised public debate during the last General Election campaign.