In the spot, created by Abbott Mead Vickers BBDO, Lineker reprises his role as a man who is desperate to get his hands on Walkers Crisps. Venables takes the role of the devil urging Lineker on to steal a packet of crisps from a child, while Sir Bobby plays an angel telling him to do the right thing.
The spot was shot in Leicester, Lineker's hometown, on the bench where he made the first Walkers commercial in 1995. It promotes Walkers new cheese and onion flavour, which the company promises is "improved and best-ever".
Venables said: "I don't know what it is about me but I always end up being the bad guy -- I really thought I would make a great angel. I even managed to snap the trident in half when they hoisted me up in the air so I wasn't a very good devil."
The ad will be shown for the first time on February 4, with Walkers keeping the ending a secret until then. A second ad, due to be filmed later this month and screened in March will team Lineker, Venables and Sir Bobby again.
Abbott Mead Vickers' executive creative director Peter Souter was copywriter on the ads, with Mike Durban as art director and Paul Weiland directing.
Other celebrities to have appeared in Walkers ads with Lineker include Victoria Beckham, Paul Gascoigne, David Seaman and Michael Owen. Lineker has been criticised by parents' groups for promoting junk food to children by backing Walkers.
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