This will be the 15th consecutive edition of the event which became part of the European Tour in 2007.
The €1.5 million event was originally due to take place at the end of April but was postponed due to travel difficulties caused by the Covid-19 pandemic.
It has now been rescheduled for 4-7 November, replacing the Volvo China Open which, due to the ongoing effects of the pandemic, will be played as a national event only this year and will not be sanctioned by the European Tour.
South African George Coetzee claimed the title when the Portugal Masters was last played in September 2020, finishing two shots clear of Englishman Laurie Canter to secure his fifth European Tour title.
He joined a list of champions that includes Lee Westwood (2009), Shane Lowry (2012) and Pádraig Harrington (2016).
Keith Pelley, Chief Executive of the European Tour, said: “We are delighted to confirm the rescheduled Portugal Masters as we continue to reshape the end of our season following yesterday’s announcement of the Mallorca Golf Open.
“Dom Pedro Victoria Golf Course has been a popular venue with our players, and it has produced plenty of drama, so we are very pleased to be able to return for the 15th year in a row. We are grateful to the venue for accommodating us at a busy time of the year and to Turismo de Portugal for their long-term support of this tournament.
“Naturally, it is disappointing we are unable to sanction the Volvo China Open again this year, but we have long-standing relationships with Volvo and the China Golf Association, and we look forward to that event returning to our schedule in 2022.”
Stefano Saviotti, Chairman of Dom Pedro Hotels & Golf Collection “The Portugal Masters is an incredibly important showcase of golf in The Algarve and we are delighted to once again welcome some of the world’s finest golfers to the Dom Pedro Victoria Course.
“After a difficult period, the European Tour's return to our facilities enables us to demonstrate why Vilamoura and Dom Pedro Hotels & Golf Collection has a reputation as one of Europe’s most sought after golf destinations. We look forward to hosting such a prestigious event and crowning the 2021 champion.”
Luis Araújo, President of Turismo de Portugal, said: "The Portugal Masters is of great importance for the tourism sector in Portugal, providing great media exposure of the whole country. It confirms that Portugal continues to be an excellent destination for all golfers, and an international presence in terms of major sporting events. This is a very prestigious competition, and it will be an important moment to showcase the international prestige of our country.”