BALI (Reuters) - The Bali Classic will be transformed next year into one of the most prestigious events on the WTA Tour calendar, offering a $1 million (554,000 pounds) bonus.

Currently held in the week following the U.S. Open and won on Sunday by Patty Schnyder, the event will be renamed the Tournament of Champions with increased prize money from $225,000 to $600,000.

The tournament will take place indoors from November 4-8 at the Bali International Convention Centre with 12 players in four round-robin groups.

It will only be open to players who have won at least one of the season-long International Series events.

The International Series is part of the streamlined WTA Tour, consisting of 30 tournaments covering Australia, Asia, north Africa, the Americas and Europe.

Each event will be part of the Road To Bali with players earning ranking points towards qualification for the season-ending tournament.

The top 10 WTA Tour players who have won at least one International Series tournament and are not participating in the year-end championships in Doha will qualify, along with two wild cards.

A player who wins three International Series events and the Tournament of Champions will collect an additional $1 million bonus.

"Bali has long attracted many of the top players and now we can look forward to welcoming both established names and those who are beginning to make a major impact on the game," tournament director Kevin Livesey said.

"The prospect of a $1 million bonus will guarantee excitement throughout the year."

(Editing by Ed Osmond)