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The ITF plans to introduce a $10 million, winner-take-all event as it further unveils its plans to revamp its competitions, according to the Telegraph.
The newspaper said that the new tournament, tentatively called the 'Majesty Cup,' is scheduled to be the week following the US Open. That is the week of the Davis Cup semifinals and playoffs, which the ITF recently voted to move to a one-week competition in the final week of the season.
The tournament will consist of 64 players, with a prize money amount of $10 million for the winner and none for the other players. The total is more than any ATP tour event, and the winner's amount would be by far the largest offered in tennis. The current highest is the US Open, which gave singles winners $3.84 million.
The ITF also plans to introduce a mixed-team event similar to the Hopman Cup. It is receiving $125 million annually from Kosmos, an investment group led by soccer player Gerard Pique, which will promote the events.
The ITF has not issued any official announcements.