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The grand slam warm-up event have announced Australia's No.1 Alex de Minaur and world number 4 Carlos Alcaraz of Spain as the first two names in the January 10-12 draw.
The tournament has regularly drawn legends of the game to compete since its inception more than three decades ago and is an ideal destination to fine-tune ahead of the opening grand slam of 2023.
De Minaur, who was born in Sydney but has used Melbourne as his training base for the Australian summer in recent years, is excited to make his debut in the prestigious event.
"I am really looking forward to playing in the 2023 Kooyong Classic for the first time. It will be great to play at the Kooyong Lawn Tennis Club, which has such a rich history," the 23-year-old said.
"It should be the perfect final preparation for the Australian Open."
Alcaraz, last year's ATP Tour Next Gen Championships winner, has demonstrated his exceptional talent on all surfaces this year - claiming the Miami Masters on hard court in April and then the Madrid Masters just over one month later on clay.
"It's massive for the event, after a two-year break to have both 'The Demon' and Carlos joining the tournament for the first time," tournament director Peter Johnston said.
"On the back of winning his sixth ATP title in Atlanta in July, he (de Minaur) is back in the top 20 and with virtually no ranking points to defend, he is looking to finish the year in the top 10.
"Meanwhile, at only 19 years of age, Alcaraz has had an incredible year already, reaching a ranking of world No.4 and winning four titles so far in Miami, Monte Carlo, Madrid and Barcelona."