Joe Hand will sign with Joe Hand promotion in the United States, the promotion announced on Monday.
The news was made official during a promotional event in Las Vegas where Hand signed a deal worth $100,000 and the promotion said that Hand will receive a one-year contract with a base salary of $5 million per season.
Hand joins former World Champion Magnus Carlsen as a signed player.
He is the second Russian to sign a contract with Joe for the 2017-18 season.
Carlsen signed a three-year deal with the promotion in November, and was named the first Russian to be named World Chess Champion.
The move will mark a significant step forward for the former world champion and a major boost to the promotion.
Hand is currently ranked No. 7 in the world and is the only Russian to reach the top 10.