Reigning champion Vishwanathan Anand will defend his World Chess Championships title against challenger Boris Gelfand of Israel at Skolkovo near Moscow in May next year.
"The match between Viswanathan Anand and his official challenger Boris Gelfand will be held at Skolkovo in May 2012," FIDE president Kirsan Ilyumzhinov announced on Tuesday at a news conference.
The Indian city of Chennai was also in the running for the hosting rights, but in the end it was Russia that came out on top.
According to Ilyumzhinov, the prize money for the match is more than USD 2.5 million.
The women's final will be held in Albanian capital Tirana in November 2011.
"Incumbent champion Hou Yifan of China and her official challenger Koneru Humpy of India will fight for the title. The prize pool is worth 200,000 euros," Ilyumzhinov said.