The season-ending 2019 WTA Finals is set to offer the largest amount of prize money in the history of professional tennis with a potential pay day of $4.725 million, the organization announced. It surpasses the previous record of $3.85 million given to the men's and women's singles winners at the US Open.

The top eight-ranked singles players advance to the annual event, held this year for the first time in Shenzhen, China, and they face each other in a two-group, round-robin format. If the champion boasts an undefeated record throughout the tournament, she will receive the record-breaking $4.725 million check. Since switching to its current format in 2003, the champion has gone unbeaten on eight occasions.

If she has two round-robin wins, she will receive $4.42 million, and one round-robin win will result in $4.12 million. The runner-up can receive up to $2.4 million. The total prize money for the 2019 event will be $14 million -- double the 2018 purse. Play gets underway on Oct. 27, and concludes on Nov. 3.

Current World No. 7 Elina Svitolina of the Ukraine is the reigning champion. Chris Evert won the inaugural title in 1972, then known as the Virginia Slims Championship, and she earned a $25,000 prize.