Adare Manor has been confirmed as the host venue for the 2026 Ryder Cup.
The cabinet are meeting in Donegal this afternoon and are expected to comment on the announcement afterwards.
The Minister for Transport, Tourism and Sport, Shane Ross has brought a memo to Government to licence the event in the JP McManus-owned Adare Manor, County Limerick - in seven years' time.
Minister Ross said there would also be an estimated promotional value for Ireland of hosting the event of around €100m.
The Government will essentially guarantee a fund for issues such as security, traffic management, marketing and improvements to the infrastructure close to the venue.
The biennial match between Europe and the United States could be worth up to €161m to the economy here and will be broadcast to more than 370m homes around the world.
Today's announcement follows months of discussions between the Government and the European Tour.
An Taoiseach Leo Varadkar hailed both a sporting and economic boost for Ireland.
"I am delighted that Ireland will be the host of The Ryder Cup in 2026," said Varadkar.
"It is great news for Ireland, and for County Limerick and the west of Ireland in particular.
"This news comes at the end of an historic week for golf on the island of Ireland, following the hugely successful hosting of the Open Championship by Royal Portrush Golf Club, and the historic victory by one of Ireland's most popular sporting heroes, Shane Lowry.
"Shane's victory is one of many great achievements by Irish golfers, not just in Major Championships but also in The Ryder Cup. Over the years, Irish captains and Irish players have played a huge role in the success of the European team.
"I am sure that when The Ryder Cup comes to Adare, we will see many more great sporting memories created, and great sporting friendships forged.
"It will be a fantastic occasion for everyone on the island of Ireland, and for the many visitors from both sides of the Atlantic who can look forward to another great Irish welcome."
The Ryder Cup regularly attracts attendances of well over 200,000 and it was previously held in Ireland in 2006 when it was hosted by the K Club in Kildare.
Part of the agreement is the future of the Irish Open has also been secured until 2026.
The announcement comes after almost a year of negotiations.
The European Tour approached the Irish government last September. There were expressions of interests elsewhere, but the Tour was satisfied if an agreement could be reached with Ireland then there would be no competitive process.
Negotiations over the financial commitments required of the government ratcheted up around the Irish Open in Lahinch earlier this month, but RTÉ Sport understands Ireland struck a deal that is comparable to that negotiated by the French government to host last year's event in Paris and superior to the terms imposed on the Italian government for the 2022 renewal in Rome.
The Belfry in England was keen to host the event for a fourth time but the European Tour were hugely impressed by what they saw at last year's exhibition event to mark the reopening, which featured some of Ireland's best golfers, including new Open champion Shane Lowry and four-time Major winner Rory McIlroy.
"Every country, every venue would like to secure the Ryder Cup," Adare Manor CEO Colm Hannon tells RTÉ Sport.
"Golf tourism is very big in Ireland, and we'd like that to grow. There's a lot of competing destinations all around the world.
"But with Adare 2026, golf tourism in the country should see the rewards. Local tourism initiatives should see the benefits, and the rising tide will raise all boats."
McManus's redevelopment was geared towards hosting major events at the Limerick course and made no secret of his desire to host the Ryder Cup.
All of the costs in making the course suitable to host the event will be borne by Adare Manor.