The women's and men's singles champions will each receive $5.5m, the US Tennis Association have announced
The total prize fund, which includes money to cover players' expenses, rises $15m from the $100m in 2023 and was hailed by the USTA as "the largest purse in tennis history".
The full prize fund puts the US Open ahead of the sport's other three major championships in 2024. Based on currency exchange figures at the times of the events, Wimbledon offered about $98m in prizes, with the French Open and Australian Open both at about $89m.
The champions' cheques jump 20 per cent from last year's $4.6m, but the amount remains below the pre-pandemic paycheck of $6m that went to each winner in 2019.
Last year at Flushing Meadows, Gauff won her first Grand Slam title, and Djokovic earned his 24th, extending his record for the most by a man in tennis history.
Play in the main draws for singles begins on August 26 at the USTA Billie Jean King National Tennis Center and concludes with the women's final on September 7 and the men's final the following day.
There are increases in every round of the main draw and in qualifying.
Players exiting the first round of the main event for women's and men's singles get $153,000 each for the first time, up from $124,000 in 2023 and from $89,000 in 2019.
