Past major champions and national heros Seve Ballesteros and Jose Maria Olazabal will join up with their countrymen Miguel Angel Jimenez, Ignacio Garrido and Santiago Luna for the $1.27 million event.
Reigning United States Open champion and current Order of Merit leader Retief Goosen is set to play, as are Darren Clarke, Thomas Bjorn and young Englishman Paul Casey.
Padraig Harrington will also be making the trek to Madrid.
In 20 events thus far on the European Tour in 2001, the Irishman has 11 top-10 finishes, yet no wins.
Incredibly, seven of those 11 showings have come as runner-ups, and as a result, Harrington sits in fourth on the Order of Merit list, well behind leader Goosen. A shot here or there, and he might have been on top.
He'll get another chance this week, however, as only three more official tournaments remain on the schedule for the European Tour's season after its stop in Spain.