The winner of this year's Shanghai Masters men's singles final will be receiving a record amount of prize money.

The Masters 1000 event commenced this week and it will reportedly be the most lucrative event outside the four Grand Slams with a total of $9.2 million being distributed to the winners.

Of that amount, $1.36 million will go to the winner of the men's singles final, with the closest amount excluding Grand Slam events and the World Tour Finals being the $1.34 million which Juan Martin del Potro won earlier this year according to Tennis World USA. For context, this year's winner will be earning more than the US Open semifinalists did last month.

It is also a considerable increase from the $1,192,780 that was given to Roger Federer last year when he defeated Rafael Nadal in the final to win the event for the second time in his career.

The full prize money earnings are listed below for singles competition:

Winner: $1,360,560

Runner-Up: $667,115

Semifinalist: $335,750

Quarterfinalist: $170,725

Round of 16: $88,655

Round of 32: $46,745

Round of 64: $25,235

Roger Federer
Roger Federer will be looking to win his fourth title of the year. In this picture, Federer serves to Daniil Medvedev during the Third Round match of Men's Single match in 2018 Rolex Shanghai Masters at Qi Zhong Tennis Centre in Shanghai, China, Oct. 10, 2018. Kevin Lee/Getty Images

Federer, the reigning champion at the event, is currently in the quarterfinals and will face Kei Nishikori next following his three-set win Thursday over Roberto Bautista Agut of Spain.

World No. 1 Nadal is not playing in the event this year as he continues his recovery from injury, but the rejuvenated Novak Djokovic, fresh off his Wimbledon, Cincinnati Masters and US Open wins over the summer, is featuring.

The Serbian was a +175 favorite heading into the event, with Federer just behind him at +350 according to Betfair, and most recently, reached the quarterfinals after his 6-4, 6-0 win over Italy's Marco Cecchinato on Thursday. He will face Wimbledon finalist Kevin Anderson next.

A fourth career win in Shanghai for Djokovic (6,445 points) would not only see him overtake Federer (6,900 points) in the ATP rankings to No. 2, but also extend his lead over the 37-year-old when it comes to career prize money earnings.

As it stands, Djokovic, the first player to have over $100 million in career earnings, currently boasts $119,110,890, according to the ATP website. He overtook Federer's current total of $117,773,812 with his win at the US Open.

That means Djokovic could have establish a lead of just over $2 million, assuming he wins the event and Federer finishes as the runner-up. Nadal is currently third with $103,251,975.

However, both Djokovic and Nadal pale in comparison to Federer when it comes to overall earnings per year. Federer was named the highest-paid tennis player by Forbes earlier this year for the 13th year in a row.

He earned $77.2 million with $65 million coming just from endorsements. In contrast, Nadal earned $41.4 million with $27 million coming from endorsements while Djokovic made $23.5 million from endorsements during the same time period.