The Ladbrokes Masters will be expanded to feature 24 players, with this year's tournament being staged from January 29-31 at the Marshall Arena in Milton Keynes.
Peter Wright will defend his title, having defeated Michael Smith in the 2020 tournament to end Michael van Gerwen's five-year reign as champion.
The tournament has previously featured 16 players since being introduced in 2013, but will see the addition of an extra session this year as eight further players take to the stage, with prize money increasing to £220,000.
Play will commence on Friday January 29, with the players ranked 9-24 following the World Championship playing off in the first round as the extended format begins.
Clashes at that stage will include Joe Cullen's tie against Stephen Bunting, both having impressed at Alexandra Palace recently - with the winner progressing to play new world champion Gerwyn Price.
Premier League champion Glen Durrant will play Mervyn King, while 2020 Grand Slam winner Jose de Sousa faces Jonny Clayton, who partnered Price to World Cup glory for Wales.
The world's top eight players will then enter at the second round stage on Saturday January 30, with play to be split across two sessions on the day.
Alongside Price's tie with Cullen or Bunting, Wright will open his title defence against either Krzysztof Ratajski or Simon Whitlock, while van Gerwen plays De Sousa or Clayton.
2014 Masters winner James Wade, the only other former champion in the field this year, will play either Dimitri Van den Bergh or Chris Dobey.
The tournament will then conclude on Sunday January 31 with the quarter-finals in the afternoon session and the semi-finals and final in the evening session.
The 2021 Ladbrokes Masters will be held behind closed doors at the Marshall Arena due to current Covid-19 restrictions.
- (1) Gerwyn Price v (16) Joe Cullen/(17) Stephen Bunting
- (8) Gary Anderson v (9) Michael Smith/(24) Adrian Lewis
- (4) Rob Cross v (13) Glen Durrant/(20) Mervyn King
- (5) Nathan Aspinall v (12) Ian White/(21) Mensur Suljovic
- (2) Michael van Gerwen v (15) Jose de Sousa/(18) Jonny Clayton
- (7) James Wade v (10) Dimitri Van den Bergh/(23) Chris Dobey
- (3) Peter Wright v (14) Krzysztof Ratajski/(19) Simon Whitlock
- (6) Dave Chisnall v (11) Daryl Gurney/(22) Jeffrey de Zwaan
First round draw
- (16) Joe Cullen v (17) Stephen Bunting
- (9) Michael Smith v (24) Adrian Lewis
- (13) Glen Durrant v (20) Mervyn King
- (12) Ian White v (21) Mensur Suljovic
- (15) Jose de Sousa v (18) Jonny Clayton
- (10) Dimitri Van den Bergh v (23) Chris Dobey
- (14) Krzysztof Ratajski v (19) Simon Whitlock
- (11) Daryl Gurney v (22) Jeffrey de Zwaan