The World Open ranking event will take place in Yushan, China, in September with record-equalling prize money.
The tournament will run from September 18-24.
The total prize money for the event is £700,000 with a top prize of £150,000, matching the China Championship and International Championship as the ranking events outside the UK with the highest prize money.
The World Open qualifying round, using a flat 128-player draw, will run from August 6 to 9 in Preston with the winners going through to Yushan in the Jiangxi Province. As standard for ranking events in China, certain matches will be held over to the final venue. The Chinese wild cards who enter at the 128 stage will also have their matches held over.
The final stages will be televised by broadcasters including CCTV and Eurosport.
The Shanghai Masters has been a fantastic tournament for many years and World Snooker is still in discussions with the Shanghai promoter about continuing the Shanghai Masters in a different format later in the season.
The World Open took place in Yushan last year, won by Ali Carter.