The South Australian government has unveiled plans to host the tournament from 2028 at a city course redeveloped by Greg Norman.
Norman will oversee the re-design of the current North Adelaide golf course on the fringe of Adelaide's central business district.
SA's government has secured Adelaide's hosting rights until 2028 at the current venue, the Grange golf club in the seaside western suburbs.
Premier Peter Malinauskas says the North Adelaide redevelopment will trigger an agreement with LIV Golf to host a tournament there until 2031.
Adelaide's contract to host a LIV Golf tournament had been due to expire next year, which will be the fourth LIV event in the SA capital.
But amid other Australian cities pitching interest to host, Malinauskas moved to extend the agreement.
"To have another six (years), it's pretty crazy and so cool," Australia's fan favourite Smith said.
"We all love coming down here. It's kind of the middle of the country, everyone travels in and they've got a really good thing going.
"So it's exciting to just keep coming down here, keep being better and better every year."
The latest LIV Golf Adelaide tournament, won on Sunday by Chilean Joaquin Niemann, was attended by more than 100,000 spectators.
Currently, the North Adelaide site has three public courses - a championship length par-72 course, a shorter par-68, and a par-3 course.
"We see a big opportunity in North Adelaide," Malinauskas told reporters.
"Getting LIV Golf into the city unlocks yet more economic potential.
"We want to make it easy for patrons and guests coming from interstate and overseas by having the golf in the CBD on a world championship, Greg Norman-designed golf course.
"We will now have something that is globally unique ... to have the world's best golfers teeing off on one of the world's best public golf courses in the middle of a metropolitan city."
LIV Golf chief executive Scott O'Neil committed to the plans after Norman spent two days this week assessing the North Adelaide lay-outs.
"I'm extremely proud of the opportunity that we can breathe a little bit more fresh life into the opportunity here in Adelaide," Norman told reporters.
"As a golf course designer you very seldom get the opportunity to be involved with a project downtown.
"North Adelaide Golf Club is basically a diamond in the rough and we're going to unpick it
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