In fashion, one day you’re in; and the next day, you’re out…But for 11 lucky former "Project Runway" contestants, the second and last chance to prove their talent has arrived. In its most competitive season ever, former top-ranking "Project Runway" contestants will return to New York to compete in the third season of Lifetime's "Project Runway All Stars," premiering Thursday, October 24, at 9:00pm ET/PT.

For the returning designers, the competition will go into overdrive when it is revealed that three past "Project Runway" winners are among this season’s crop of contestants, as new host Alyssa Milano ("Mistresses," "Charmed") warns that on "All Stars," even the smallest mistake will send you packing. Receiving guidance from new mentor, TV fashion correspondent and Marie Claire’s Senior Fashion Editor Zanna Roberts Rassi, this season’s designers must prove to "Project Runway All Stars'" esteemed panel of judges, Isaac Mizrahi and Georgina Chapman, that they can fight through the toughest and most demanding fashion challenges thrown at them…again. A-list celebrity guest judges confirmed to appear this season include film and TV stars Abigail Breslin, Kristin Chenoweth, Gabourey Sidibe and Elisabeth Moss, actor, comedian and radio/TV personality Nick Cannon, rocker Debbie Harry, supermodel Bar Refaeli, anchor Gayle King and TV host Lisa Robertson, as well as esteemed fashion personalities Nate Berkus and Michael Urie. Also guest judging this season are "Project Runway’s" Nina Garcia and Zac Posen, along with previous Runway winners Christian Siriano (Season four) and Anya Ayoung-Chee (Season nine), as well as "All Stars" Seasons one and two winners Mondo Guerra and Anthony Ryan Auld.

In addition, television icon Marge Simpson will make a special guest appearance on "Project Runway All Stars" this season.

With the largest prize package in "Runway" history at stake, worth almost one million dollars, who will seize this opportunity and fight for this chance of a lifetime? Designers for "Project Runway All Stars" season three include:

•Jeffrey Sebelia (Los Angeles, CA) - Season Three, Winner - This self-proclaimed "God of Chaos," known for his grunge and punk style, made his mark on "Project Runway" by surprising the judges during Fashion Week, making him the season three winner. Since his win, Jeffrey has developed a successful high-end kid’s line called La Miniatura.

•Mychael Knight (Atlanta, GA) - Season Three, Fourth Place - Season three’s fan favorite Mychael has made a big name for himself since his appearance on "Project Runway" and is hoping to make it to the end this season. His labels include Mychael Knight, Kitty & Dick (female and male lingerie) and MajK (unisex fragrance), and his designs have been worn on the red carpet by celebrities such as Jennifer Hudson, Kelly Rowland and Queen Latifah.

•Korto Momolu (Little Rock, AR) - Season Five, Runner-up – Throughout her season, Korto was known for embracing color, diversity and her African roots into her designs. Since her time on "Runway," she continues her success by selling her collections and keeping things eco-friendly with the garment line "Green Love," and has designed for Leila Lopes (Miss Universe 2011), the President of Liberia, Ellen Johnson Sirleaf, and for the Walton Family (Wal-Mart).

•Irina Shabayeva (New York, NY) - Season Six, Winner - Being the season six winner and never receiving any low scores by the judges, Irina has what it takes to win again. She started a bridal line after Runway and has designed for many celebrities, including the butterfly dress worn by Selena Gomez for the 2011 People’s Choice Awards and the dress for Grammy®-winning singer Carrie Underwood in her album cover Blown Away.

•Seth Aaron Henderson (Vancouver, WA) - Season Seven, Winner - This self-taught designer already proved once to the world he was the best, and knows he is capable of winning again. His designs are inspired by music, specifically New Wave, Punk and '80s Goth, and he is committed to a sustainable future, so his designs feature organic fabrics and recyclable plastic bottles. Since winning "Project Runway," Seth has done red carpet commentary for E! and served as a part of the fashion judging panel for past "Runway" seasons.

•Ari South (Honolulu, HI) - Season Eight, Third Place - Wildly successful fashion designer and fan favorite Ari South (formerly Andy South) is ready to reintroduce herself to "Runway" fans and win the competition. Ari feels that living her life as an openly transgendered person gives her ability to impact not only who she is as a designer but also others. After "Runway," her first collection was picked up by Neiman Marcus in Hawaii and has been carried there ever since.

•Viktor Luna (New York, NY) – Season Nine, Third Place - Being a photographer, as well as a designer, Viktor gains inspiration for his fashion from nature’s overlooked oddities. His collection is geared towards woman who is empowered, elegant and edgy, and some celebrities who have worn his designs include Ciara, Carly Rae Jepson, Big Boi and Jesse Tyler Ferguson.

•Melissa Fleis (San Francisco, CA) – Season Ten, Third Place - From growing up in a tiny town in Michigan to competing on "Project Runway," Melissa knows how to make a big impact on the fashion world. She designs for "independent, savvy girls who like to wear black" and is inspired by the Dada and Bauhaus art movements, wanting to give women a feeling of strength and edge. After "Runway," Melissa has been creating custom leather jackets and clutches, and one day hopes to create a lifestyle brand that includes interior design and furniture.

•Christopher Palu (Massapequa, NY) - Season Ten, Fourth Place - Although he didn’t win his season, Christopher is coming into this "All Star" season with the most challenge wins among his fellow competitors. He has training from the Fashion Institute of Technology and his speed gives him an advantage when it comes to designing. Christopher is excited for this opportunity, since his last season gave him courage, strength and confidence.

•Elena Slivnyak (San Francisco, CA) – Season Ten, Sixth Place - Futurism and luxury are the key influences for Elena’s designs. When it comes to fashion, shoes and accessories are musts and her icon is Lady Gaga. Although "Project Runway" was one of the most stressful things Elena claims she has done, she is prepared and ready to compete for the win.

•Daniel Esquivel (Austin, TX) – Season Eleven, Fourth Place - "Project Runway’s" most recent alum and best team player, Daniel, is ready to show his more competitive side this time around. His styles root from upbeat happy music and are described as free, modern and sexy. Since "Runway," Daniel has returned to designing for elite clientele in Austin.

The winner of "Project Runway All Stars" will be given the ultimate in prize packaging, which includes a fashion spread in Marie Claire and a position at the magazine as Contributing Editor for one year; Next Generation technology and office space from HP and Intel to help grow their business and bring their creative vision to life; a year’s supply of resource® Natural Spring Water and an all-expenses paid, luxurious trip for two to South East Asia courtesy of resource® Water; professional hair styling and photography for all of the designer’s upcoming fashion shows throughout the year, courtesy of Alterna Haircare; from Mary Kay, an entire year’s worth of beauty products for their fashion shows as well as professional makeup artist services for their debut show; a cash prize of $150,000 and a complete custom sewing studio to launch the winning line from Brother Sewing and Embroidery.

"Project Runway All Stars" is produced by The Weinstein Company and Bunim/Murray Productions. Executive producers are Harvey Weinstein and Bob Weinstein (Co-Chairmen of The Weinstein Company), Meryl Poster and Barbara Schneeweiss of The Weinstein Company, Jonathan Murray and Gil Goldschein of Bunim/Murray Productions, Rob Bagshaw ("Top Chef Masters," "Paradise Hotel") and Rob Sharenow, Gena McCarthy and David Hillman of Lifetime Television.