"Gary Player represents everything this award stands for," PGA Tour commissioner Tim Finchem was quoted as saying during a presentation at East Lake Golf Club on the eve of this week's Tour Championship in Atlanta.

"As one of the most travelled athletes in all of sport, Gary's love of the game and thirst for life spread to everyone around him."

One of five players to win all four majors, the 70-year-old Player is renowned for his high level of fitness, never-say-die attitude and energetic approach to life.

His Gary Player Foundation helped build the Blair Atholl Schools in Johannesburg and provides educational facilities for more than 500 students. It also supports other educational projects around the world.

Byron Nelson, Jack Nicklaus, Arnold Palmer, Ben Crenshaw, Nick Price, Tom Watson, Jay Haas and Brad Faxon were previous winners of the Payne Stewart Award.