For the first time, the event has been upgraded to a Silver Money Tournament with a total of $5000 on offer.

The tournament, which also has valuable Australian ranking points on offer, has been heavily backed by local business and is a huge fillip to the club.

Club president Luke Forward said he expected an increase in the number and quality of entries.

"This is an exciting time for Rye Tennis Club as this is the first time we have run an Australian Money Tournament," he said. "Without the financial support of our sponsors the tournament would not be able to attract the high quality players that are expected this year."

Tournament director and club professional Paul Gibson believes it will be beneficial for the club to be exposed to a quality field of players.

"This year's Australia Day tournament will be a great opportunity to showcase quality players to the Mornington Peninsula," he said. "I'm looking forward to working with the committee to make this tournament a success."

The tournament will begin on Thursday and conclude on Sunday with open, junior and veteran categories on offer.

Online entries for the tournament are closed but can be taken through tournament director Paul Gibson on 0419 374 030.