Farag will now replace compatriot El Shorbagy as world number one after a dramatic final at the PSA Platinum event in New York City's Grand Central Terminal.

In a match that lasted 84 minutes, Farag was at one point two games down and losing the third 6-2.

A spirited comeback saw him level the tie to 2-2 before eventually winning 10-12, 6-11, 11-6, 11-3, 11-8.

"It’s been a dream of mine since a very young age to reach that number one spot," Farag said.

"To do it in such a fashion in front of so many greats of the game, in front of the love of my life and my parents watching at home, it couldn’t get any better really…It was very emotional.

"Mohamed is such a warrior, he never gives any points away. 

"It's been one of the biggest spectacles for the sport, and to be played in such a clean spirit is a great showcase for our sport."

Farag is now set to take the top spot in the PSA rankings in March.

In the women's final, defending champion El Sherbini's defeat of fellow Egyptian El Welily saw her become the first woman to win the Tournament of Champions three times.

It was a relatively comfortable victory for El Sherbini, the 23-year-old triumphing 11-9, 11-8, 11-8.

"This is my lucky place, this tournament was my first ever Platinum win and now it’s the first one I’ve won three times," said El Sherbini.

"It’s really big to put my name on this trophy and to win this tournament, but to win it three times is something that I will never forget in my life."

The winners will take home $23,000 (£17,600/€20,300) each in prize money.

They have also both qualified for the PSA World Tour Finals, due to take place in Dubai in June.