The Farmlands/FMG sponsored event is scheduled for February 25-26 next year at Chisholm Links and will feature 60 professionals from all over the world, along with more than 100 amateurs.
The event is part of the Australasian Legends Tour, which rolls out events throughout New Zealand in February.
The tournament has gained significant support from sponsors and tournament director John Evans said it was the largest purse played for in legends golf in New Zealand. He declined to divulge the exact prize pool.
Former British Open champion Todd Hamilton has been confirmed as an entrant. Hamilton won the British Open in 2004 and had previously played in Dunedin when part of an University of Oklahoma team.
United States golfer Andrew Magee is also a starter. He is the only player on the USPGA to have scored an albatross - a hole in one on a par 4.
Other top players, such as Australians Peter Fowler, Peter O'Malley and Wayne Grady, along with New Zealander Simon Owen, have been confirmed.
Legends players have to be aged 50 and over, while women's golfers have to be aged 45 and over.
The professionals will play a 36-hole strokeplay event, while the amateurs will play in a stableford format.
There will also be an international teams event, sponsored by the New Zealand/United States Council. The Otago Daily Times is also a sponsor of the tournament.
This will include a team from New Zealand, a team from Australia, a team from the United States and a women's team. The teams would use the scores in the stroke play event and combine them.
FMG business development manager Kevin Malcolm said his company wanted to support local communities and events.
