Here's how much money the 2019 Australian Open men's champion will win

Icon Sportswire | Icon Sportswire | Getty Images

Rafael Nadal of Spain celebrates during the semifinals of the 2019 Australian Open

The world's No. 1 and No. 2 men's tennis players, Novak Djokovic and Rafael Nadal, will compete for the 2019 Australian Open title on Sunday. The championship match is set for 7:30 p.m. local time (3:30 a.m. ET).

They have met 52 times, an Open era record, but only once in an Australian Open final. That was back in 2012, when Djokovic beat Nadal in the longest Grand Slam final in the history of pro tennis. The five-set thriller lasted five hours and 53 minutes.

Djokovic, 31, is hoping to win his 15th Grand Slam, while Nadal, 32, is vying for his 18th.

Both players have earned more than $100,000 in prize money over their careers. Sunday's winner will collect another $4.1 million AUD, or about $2.9 million USD. The runner-up will earn about half that amount: $2.05 million AUD ($1.45 million).

Getty Images | Getty Images Sport | Getty Images

Novak Djokovic of Serbia (L) and Rafael Nadal of Spain will meet in the final of the 2019 Australian Open

The Australian Open is handing out a total of $62.5 million AUD ($44.3 million), a 14 percent increase from 2018 and a record high for the tournament.

It still trails the U.S. Open, the fourth and final Grand Slam of the year, in terms of prize money, though: At the 2018 U.S. Open, $53 million was awarded in total and $3.8 million was awarded to each singles champ.

Nadal and Djokovic won't be the only ones taking home a hefty paycheck from this year's Australian Open. Here's the full breakdown of how much the other singles competitors will make at the first Grand Slam of 2019:

Semifinalist: $920,000 AUD ($652,418)

Quarterfinalist: $460,000 AUD ($326,209)

Round of 16: $260,000 AUD ($184,379)

Round of 32: $155,000 AUD ($109,918)

Round of 64: $105,000 AUD ($74,460)

Round of 128: $75,000 AUD ($53,186)

Don't miss: US Open champ Naomi Osaka earned $3.8 million—here's what she plans to do with her prize money

Like this story? Subscribe to CNBC Make It on YouTube!