(CNN) -- Tiger Woods will make his first appearance Down Under since 1998 when he plays in the Australian Masters, tournament organizers confirmed on Thursday.
Woods remains the biggest attraction in golf and can command massive fees.
The world number one has not graced the fairways of Australia since the Presidents Cup in 1998, but will tee it up at the famous Kingston Heath course in Melbourne from November 12-15.
Woods will receive an appearance fee of A$3 million ($2 million), the Herald Sun newspaper reported -- but Victorian State Premier John Brumby believes it represents value for money.
"We are delighted Tiger Woods has chosen to come to Melbourne, further cementing our position as the major events capital of the world," Mr Brumby said in an emailed statement.
"Tiger's visit will boost tourism, create jobs for Victorians and beam Melbourne to millions of people through a worldwide television audience."
But legendary Australian golfer Peter Thomson is worried that his appearance will have a negative impact on other events on their flagging home circuit.
"In my view it's going to do a lot of damage to our national Open, which comes two weeks after this one in Melbourne," Thomson told Reuters.com.
"The Australian Open is our national championship, it is the most important event that we have. He won't be playing in that but that sucks up all the potential sponsorship."
Woods has recently returned to tournament action after a nine-month injury layoff following knee surgery, finishing tied ninth at the WCC-CA Championship in Florida.
Other than his appearances in major tournaments, Woods' schedule for the remainder of 2009 remains unclear, but his appearance in Australia has increased speculation he may sign up for the HSBC Champions tournament in Shanghai the previous week.
Both tournaments are run by his management company IMG.