Prize money at this year's US Open will rise to a record-breaking $53million, tournament organisers have announced.

Both the men's and women's singles champions will receive $3.8m, which is up $100,000 from last year and sets a new high for the grand slam event.

The United States Tennis Association (USTA) have also revealed raises for payouts for the first three rounds of the tournament, with the total prize pot a five per cent increase on the $50.4m paid out in 2017.

"2018 is a significant year in our history,” said USTA chairman of the board and President Katrina Adams.

"Not only is it the 50th anniversary of the tournament, we also have completed the five-year transformation of the USTA Billie Jean King National Tennis Center.

"We know that we are poised for incredible growth moving forward."