The Australian Open 2011 will offer a record prize money of about 24 million U.S. dollars, the organizers announced in Melbourne on Tuesday, making it the current biggest purse among the tennis grand slams. According to the news released by the organizers, the prize pool of 25 million Australian dollars which on the current exchange rate would be the highest in the 105-year history of the event. Both the men's and women's singles champions will take home 2.2 million Australian dollars, while each runner-up will be offered 1.1 million. The total prize money for this year's Wimbledon Open and French Open was 21.7 million and 22.1 million U.S. dollars respectively, at the current exchange rates, while the US Open was 22.6 million. The Australian Open 2011, running from January 17 to 30, will see world's No.1 Rafael Nadal striving to be the eighth man in history to win all four Slams within 12 months after bagging this year's Wimbledon, French and US Open titles. 'It is a mouth-watering proposition, and he certainly will be one of the favourites,' said the Australian Open Tournament Director Craig Tiley at the launch. He added that the reigning champion Roger Federer and a lot of tough opponents would stand between the Spanish star and that place in history. The organizers also announced the undergoing of the Government's 363 million Australian dollars redevelopment of Melbourne Park. 