The WTA said it had "weighed a number of competitive bids through a thorough process, in close consultation with the WTA Players’ Council" before deciding on Cancún in a one-year agreement.

The announcement comes with just seven weeks' until the tournament for the top eight women's singles players and doubles pairs on this year's WTA Tour is due to begin on October 29, running until November 5.

It means there is a close clash with the International Tennis Federation's Billie Jean King Cup Finals, with the 12-team competition in the Spanish city of Seville due to start on November 7.

It also ends speculation which the WTA did not fully quash that the Finals could be held in Saudi Arabia.

This would have been highly controversial, with the Mohammed bin Salman regime in Saudi Arabia facing widespread accusations of attempted "sportswashing" of its human rights record, which includes severe restrictions on women in daily life and the outlawing of homosexuality and same-sex marriage.

WTA chief executive Steve Simon admitted in June a move to Saudi Arabia would have presented "big issues", but claimed "they’ve made huge strides".

The Next Generation ATP Finals for the top eight men's players aged under-21 is among the plethora events awarded to Saudi Arabia in recent years, with Jeddah receiving hosting rights from 2023 to 2027.

The WTA said it had used criteria "including player logistics, travel accessibility, venue capacity and a commitment to supporting and showcasing women’s tennis" to decide on a host.

Cancún marks a return to Mexico for the WTA Finals after Guadalajara held the 2021 edition, with Fort Worth in the United States staging the event last year.

Simon expressed his gratitude to tournament organisers GS Sports Management, who also oversaw the 2021 Finals.

"I would like to extend my appreciation to the Cancún tournament organisers GS Sports Management for their commitment in hosting the WTA Finals this year," he said.

"This edition of the WTA Finals will provide a fantastic experience for players and fans alike, offer a fitting finale for the 2023 Hologic WTA Tour and enable us to continue building a strong future for women’s tennis."

Shenzhen in China had been due to host the WTA Finals from 2022 to 2030, but there were issues related to COVID-19 restrictions and fears for the safety of Chinese tennis player Peng Shuai last year.

The WTA suspended tournaments in China in December 2021 when Peng was reportedly not seen for more than two weeks after accusing former senior vice-premier and high-ranking Chinese Communist Party member Zhang Gaoli of sexual assault, before later retracting the comments and claiming her post on Weibo was "an enormous misunderstanding".

However, shortly after international travel restrictions to China eased, the WTA lifted its suspension in April 2023.

This was despite admitting "we will never fully secure" its goals including a "full and transparent investigation" into the two-time women's doubles Grand Slam winner's claims.

Simon has since insisted the WTA knows where Peng is and that she is safe.