LET players voted their support for the joint venture partnership on Tuesday during the Tour's annual membership meeting in Spain.

The partnership aims to immediately offer LET members more playing opportunities on the far more lucrative LPGA, which this season had a total prize fund of approximately US$70 million (AU$104m) compared to about around Stg12m (AU$22.7m) on the European Tour.

"Two teams, joining for one common purpose, will create opportunities we simply could not have pursued on our own," LET board chair Marta Figueras-Dotti said.

"At its foundation, this joint venture is about creating opportunities for our members to pursue their passion, and their careers as professional athletes."

The two bodies said they share a common vision to strengthen the presence of women's golf in Europe.

The venture, which will be jointly managed by the LPGA and the LET, will seek to fast track an expanded European schedule.

"We have experienced incredible growth in women's golf in the US – and this is an extraordinary opportunity to accelerate and expand the game in Europe as well." – LPGA Commissioner Michael Whan

This year's LET schedule includes 20 official events in 13 different countries.

Eight of those events are in Europe, including two major championships – the Evian Championship and the AIG Women's British Open.

"This is an exciting next step for the LPGA's mission to provide more opportunities for women in this game," LPGA Commissioner Michael Whan said.

"We are thrilled to deepen our relationship with the Ladies European Tour in an effort to create the strongest possible women's Tour in Europe."

"We have experienced incredible growth in women's golf in the US, and this is an extraordinary opportunity to accelerate and expand the game in Europe as well."

Earlier on Tuesday, it was announced the Ladies European Tour Order of Merit will be renamed the Race to Costa del Sol and offer a bonus pool of 250,000 euros (AU$405,000) from 2020.

The top player on the money list at the end of the season will receive an additional 125,000 euros (AU$202,500), with the runner-up collecting 75,000 euros (AU$120,000) and 50,000 euros (AU$81,000) going to the player who finishes third.

On Sunday, Jon Rahm secured a bonus of US$2m (AU$2.9m) for winning the European Tour's Race to Dubai.