The tournament moved to 'Ally Pally' from Wembley in 2012.
Mark Selby will defend his title there after beating Neil Robertson 10-6 in the final last season to take his third Masters crown.
"Ally Pally is the perfect venue for The Masters, the atmosphere is different to any other tournament and I tend to thrive under those conditions because I love the big occasion where all eyes are focused on one table," said the Leicester cueman.
"After just finishing the best season of my career I’m really excited about the next one and The Masters will be one of the events I look forward to the most."
The invitational event which pits the top 16 players against one another will run from January 12-19, with prize money increasing from £500,000 to £600,000 - and the winner set to receive £200,000.
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