Rory McIlroy will continue on as host of the Irish Open for the next three years on behalf of his foundation.
The announcement was made on Monday, along with confirmation that Dubai Duty Free would also be extending their sponsorship until 2018.
The prize fund for next year's tournament, which will be played at The K Club from May 19-22, will also increase by 60 per cent, rising from €2.5m (£1.85m) to €4m (£2.96m).
"The Irish Open has always meant so much to me, so I am really excited to announce my commitment to host the tournament, on behalf of the Rory Foundation, for the next three years," said McIlroy.
"I would like to thank Colm McLoughlin of Dubai Duty Free and Keith Pelley of the European Tour for supporting my vision to develop the Dubai Duty Free Irish Open Hosted by the Rory Foundation into one of the leading events on the European Tour's schedule over the next three years.
"I was delighted with the support I received, not only from the players who competed this year, but also from the fans who came along to the Irish Open at Royal County Down in May. They made it another sell-out tournament.
"I am sure The K Club – on the 10th anniversary as host of the 2006 Ryder Cup – will be an excellent venue for the 2016 Irish Open."
The English Open has been revived as part of the new schedule.
Close House Golf Club, near Newcastle, will host the British Masters on July 22.
The event was last staged in 2002.
The tournament at Close House, scheduled to start on July 30, is set to be the first European Tour event since the coronavirus crisis halted action.
The world number one believes it would be the ‘right call’ to push the event back to 2021.
The exhibition match, against Phil Mickelson and Tom Brady, raised 20 million dollars.
The Dutchman finished third and second in the first two weeks of the home-based competition.
NFL stars Tom Brady and Peyton Manning will also be involved.
The US President was among the viewers watching the TaylorMade Driving Relief.
The US President phoned in as McIlroy played in a Sunday fundraiser for coronavirus victims.