The prize money for this year's French Open has been increased by 12.3 percent and will total 49.6 million euros, organisers of the event announced on Friday.
The organisers stated that the prize money has been "significantly increased" to ensure a more even distribution between players.
Losing players in the opening three rounds of the singles draw will earn between 11 percent and 13 percent more this year, with the prize money for the three rounds of the qualifying competition also increased by an average of 11.8 percent.
The men's and women's champions of the French Open will earn 2.3 million euros each.
The prize money for the men's and women's doubles events have been also been pushed up by four percent, organisers added.
The allocation for the wheelchair and quad competition is 810,000 euros, equating to a 40 percent increase on 2022.
The French Open will be held from May 28-June 11.
Earlier, Serbian Tennis star Novak Djokovic has said that the Spaniard Carlos Alcaraz is the man to beat on clay while also calling the latter a hot favourite for the French Open.
Alcaraz has won back-to-back tournaments in Barcelona and Madrid this year and will regain number one spot in the rankings after playing in the upcoming Italian Open.
The 35-year-old called Alcaraz “worthy” for the number one position and also praised his game.
“He’s going to be number one after this tournament whatever happens. Deservedly so,” he added. “He has been playing some very impressive tennis, a great level. He’s the player to beat on this surface, no doubt.”
Rafael Nadal, a 14-time champion at The French Open, has been dealing with a hip injury he suffered at the Australian Open in January and fears are growing that the Spaniard may miss the Paris Grand Slam.
Nadal has competed at the French Open every year since winning the first of his men's record 22 major titles in Paris in 2005. The clay court major begins on May 28.
While talking about the favourites for the tournament, Djokovic wasn’t shy to mention his rival Nadal, who is unstoppable at Clay, but he couldn’t stop himself from calling Alcaraz one of the top contenders for the tournament as the youngster is in red-hot form.
“Of course, it depends on if Nadal is going to play in the French Open or not. But Alcaraz is one of the top favourites without any dilemma,” said the world number one.