The much-anticipated World Championship rematch between Indian veteran Viswanathan Anand and title-holder Magnus Carlsen will be staged from November 7 to 28 in Sochi, Russia.

FIDE President Kirsan Ilyumzhinov announced the schedule at a press conference, saying that the budget for the event has been set at USD three million.

The match will be played at the Olympic Village in Sochi.

Both players have agreed with this plan, the 'ITAR-TASS' news agency reported.

Russian Chess Federation President Andrei Filatov has also confirmed that the body will participate in the organisation of the event.

Carlsen became the world champion last November by defeating Anand in Chennai. However, the Indian, who held the world title from 2007 to 2013, earned a rematch by winning the Candidates Tournament in Khanty-Mansiysk.