The tournament will be staged from January 31 to February 6, 2005, at the Hilton Conference Centre in Portomaso.
The world's top 16 players qualify automatically for the event.
They will meet the 16 players who battle their way through qualifying rounds to be staged from November 30 to December 3.
Tornado Tony Drago, a national hero in Malta, will have his qualifying match held over to ensure his participation in his home tournament.
A spokesman for World Snooker said: "One of our primary goals is to develop the ever-growing popularity of snooker in continental Europe and across the globe. Holding tournaments overseas is a key element in this, so this is certainly a positive announcement for the sport."
