The Irish Open will be staged at Royal Portrush Golf Club in County Antrim for the first time since 1947.
The European Tour has confirmed that the tournament will take place at the world renowned club from 28 June to 1 July.
A successful staging of this year's event could boost hopes of The Open Championship returning to Royal Portrush for the first time since 1951.
Ireland's major winners Darren Clarke, Rory McIlroy, Graeme McDowell and Padraig Harrington have all welcomed the news.
Open champion Clarke was present at Friday's official announcement at Portrush and said that it would be "an awesome venue for the event".
He said other players had already been asking him about the course and where the best places to stay were.
US Open champion McIlroy has already guaranteed his participation at Royal Portrush and spoke of his delight at the event's return North for the first time since it was staged at Belvoir Park, Belfast in 1953.
McDowell and Clarke, who both have strong links with the north coast, have agreed to act in an ambassadorial role for Royal Portrush, which will celebrate its 125th anniversary in 2013.
"Fantastic news on the Irish Open 2012 coming to Royal Portrush," McDowell told his Twitter followers.
"Always been a dream of mine to play a top event in my home town," he added.
Harrington described the decision as an "inspired moved", adding that Portrush "is my favourite golf course in the world".
Members of the public can purchase tickets for the event (One Day, Season and Pro AM) from the European Tour website. Children under 16 will be admitted free of charge when accompanied by an adult.