Some of the biggest names in poker are expected to take part, including Phil Ivey, Chris Ferguson and Howard Lederer.
"By extending the limits of what is possible in online poker tournaments, Full Tilt Poker will allow players to compete for a big payout without the big buy-in," said Lederer.
Not only will the tournament be record-breaking in size, but Full Tilt has matched the guarantee, adding an additional $250k to the total prize pool, making this a chance to play for a $500,000 minimum prize pool for as little as $5.
With this many players, staging such an event in the live poker world would be next to impossible.
To date, the largest-ever live tournament was the 2006 WSOP Main Event with 8,772 players, just one quarter of the expected field size Sunday.
To be part of this world-record attempt, and have a chance at winning a piece of the half-million prize pool, log in or sign up to Full Tilt Poker and find the world record tournament in the tournaments section.