The men’s and women’s singles champions at this year’s US Open will receive a record £688,000 ($1.4m) apiece.
Last year’s winners Roger Federer and Maria Sharapova won £590,000 ($1.2m) for their victories at Flushing Meadow.
The US Tennis Association has also said that the total prize money will pass £9.6m ($19.6m) for the first time.
The prize fund of is an increase of £492,000 ($1m) on last year’s total and is the largest annual rise in the history of the tournament.
The USTA is also completing a renovation to player areas including new locker rooms, an upgraded player lounge and new state-of-the-art fitness centre.
“Today’s players are some of the most talented, competitive, and hard working athletes in sports,” said Arlen Kantarian of the USTA.
“The increased prize money and upgraded player facilities reflect the tremendous excitement and entertainment they bring to the US Open.”
This year’s tournament takes place from 27 August to 9 September.