For the first time in more than two decades, and only the fourth time in the past century, the World Chess Championship will be held in New York City.

The reigning champion, Magnus Carlsen, a charismatic and formidable 25-year-old Norwegian, will defend his title in November, according to a spokeswoman for Agon, the company that organizes the World Championship on behalf of FIDE, the governing body for chess. The players will compete in a 12-round match for a prize of over $1 million.

Major details remain to be sorted out.

The site of the tournament has not yet been announced — the 1995 event was held on the 107th floor of the World Trade Center — and the challenger will not be decided until later this month.

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Mr. Carlsen, who won the last championship in Sochi, Russia, in 2014, will face the winner of the FIDE Candidates Tournament, to be held in Moscow from March 10 to 30. Among the candidates in Moscow are two Americans with good chances of progressing: Hikaru Nakamura, 28, and Fabiano Caruana, 23.

For a city with such a rich chess history — from the Brooklyn-raised Bobby Fischer to the blitz-chess hustlers of Washington Square Park — New York has rarely played host to world-class chess tournaments.

“I and all New Yorkers welcome the World Chess Championship back to New York City,” Mayor Bill de Blasio said in a statement included in theAgon news release. “What better place to be than the city where parks are often populated by chess enthusiasts.”

The highest profile match in recent history was the 1995 championshipbetween Garry Kasparov and Viswanathan Anand, at the World Trade Center. The last time an American competed for the world championship in the United States was 1907, when Frank Marshall lost to Emanuel Lasker.

The last American to compete for the championship was Gata Kamsky in 1996. Mr. Fischer was the last American to win, in the legendary matches against Boris Spassky held in Reykjavik, Iceland, in 1972.

Correction: March 1, 2016
An earlier version of this article misstated the chess champion Bobby Fischer’s connection to Brooklyn. He was raised in the borough, not born there.