The oldest tournament in the sport, long regarded as the unofficial world championships, has endured many years of uncertainty over the last decade, and has not been held since 2009.

But England Squash and Racketball (ESR) and the Professional Squash Association (PSA) confirmed today that it the event will take place from May 7-13 at the London 2012 Olympic venue, and will be one of the richest international events of the year as one of the PSA World Series Platinum Championships, boasting a prize fund of $150,000 (£98,000/€119,000).

"In the absence of Olympic inclusion in 2012, the British Open at an Olympic venue will be a fitting replacement and an opportunity for the world's top squash players to showcase the sport on its biggest platform to date," said Nick Rider, chief executive of ESR.

"We are delighted that the Allam British Open will form part of the 2012 PSA World Series.

"One of the most historic championships in the game, the British Open remains arguably the most prestigious tournament in the world.

PSA chief executive Alex Gough added: "Winning the British Open is the dream of every squash player in the world, so we are delighted that this illustrious event is not only back on the calendar, but being staged as a PSA World Series event in England's great capital city."

Past champions include the illustrious Pakistani Jahangir Khan (winner of a record 10 titles from 1982-1991); Australia's Geoff Hunt (eight titles between 1969 and 1981); Pakistan's Hashim Khan (seven titles from 1951-1958) and Jansher Khan (six titles from 1992-1997); as well as Britain's most successful champion Jonah Barrington (six titles from 1967-1973).

Contesting the 2012 title will be Englishman James Willstrop (pictured), the reigning world number one who reached the final in 2005, 2008 and 2009, challenged by fellow countryman Nick Matthew, the current world number two (champion in 2006 and 2009) and Frenchman Gregory Gaultier, the 2007 champion.

The women's event also boasts a number of notable champions, none more so than Australian Heather McKay, who won a record 16 titles from 1962-1977.

England's world number two Jennifer Duncalf and world number four Laura Massaro will be aiming to keep the title on home soil.

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