Royal Troon will stage the Open Championship for the ninth time in 2016.
Its last hosting of the event was eight years ago when American Todd Hamilton beat South Africa's 2002 champion Ernie Els in a play-off.
South Ayrshire Council leader Bill McIntosh said: "This is great news - not just for Troon, but for the whole of Ayrshire."
He added: "As well as giving us a chance to showcase the fantastic golf in this area, our stunning scenery, culture and heritage, The Open will also bring a terrific economic boost with a £100million benefit to its host economy.
"This is vital investment for our area that will help create a lasting and positive legacy for generations to come."
Other winners at the course are Arthur Havers (1923), Bobby Locke (1950), Arnold Palmer (1962), Tom Weiskopf (1973), Tom Watson (1982), Mark Calcavecchia (1989) and Justin Leonard, who triumphed in 1997 with a closing 65.