Many of the world's leading players will be at the £300,000 five-day world ranking event which runs from March 25 to 29.
The Guild Hall previously staged the UK Championship from 1978 to 1997 and the Grand Prix in 1998, 1999 and 2001 to 2005.
Tickets for the tournament will go on sale on Monday February 24 at 10am. For the first week once the box office is open, there will be a SPECIAL OFFER OF HALF PRICE TICKETS which means fans can book seats from just £5.
To book, call the Guild Hall box office on 0844 844 7710 between 10am-5.30pm or online at www.prestonguildhall.com 24 hours a day.
The Players Championship Grand Final is the culmination of the European Tour and Asian Tour series which has run throughout the 2013/14 season. There have been eight events across Europe, and the fourth and final Asian event in China runs from March 4 to 8, after which the final line-up of 32 players for the tournament will be confirmed.
The top 24 from the European Tour Order of Merit, including the likes of Ronnie O'Sullivan, Mark Selby, John Higgins, Judd Trump, Ding Junhui and Neil Robertson will all be eligible to enter and chase the £100,000 top prize.
World Snooker Chairman Barry Hearn said: "We are delighted to bring a world class snooker tournament to Preston for the first time since 2005. The Guild Hall is a superb venue and we know that the Lancashire area is a hot-bed for snooker. This announcement is fantastic news for the fans in the area, who now have a chance to see the top stars competing for a major title.
"Tickets will sell quickly so anyone who wants to experience the action live should get their seats booked immediately."
Councillor Peter Rankin, leader of Preston City Council, said: "It is great to welcome back the world's best snooker players to Preston and back to the Guild Hall, a venue which has been synonymous with the sport over the years.
"There is a great appetite for snooker in the region and I am sure people will want to come out and see the top stars of the sport competing in the Guild Hall."
The tournament was originally due to be staged in Bangkok, but has changed location due to political unrest in the Thai capital.
Ball by ball scoring and results from tournaments