The Laver Cup team event, in which Europe takes on the rest of the world, has become an official part of the annual ATP Tour calendar, the governing body of men's tennis confirmed on Friday.
The event, approaching in its third edition will be held in Geneva, Switzerland from September 20 to 22 this year.
World number one 1 Novak Djokovic, who played the second Laver Cup last year in Chicago, in a statement said, "The Laver Cup is a true celebration of tennis that is loved by the fans and embraced by the players."
"I experienced it first hand as a player, and as President of the ATP Player Council I'm proud to support this collaboration," Djokovic said.
World number three Roger Federer said he was delighted with the news.
"As I come closer to the end of my playing career, it's wonderful to know that the Laver Cup will be part of the tour that I've dedicated more than 20 years of my life to. This partnership is a wonderful example of how the tennis family can unite to promote and grow the sport we all love," Federer said.
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Currently celebrating the 50th anniversary of winning the Grand Slam for the second time in 1969, Rod Laver praised the ATP's official endorsement of his namesake event which has further cemented his legacy.
"I am grateful to the ATP for recognising that the Laver Cup plays an important role in raising awareness of the amateur era of tennis and my fellow 'barnstormers". I am honoured and thankful for what has been achieved and to Roger for doing this for us," Laver said.
The values of the Laver Cup - the commitment to excellence, focus on the team, respect for the opponent, and love for the game - has been embodied by the two inaugural captains, Bjorn Borg and John McEnroe.
"Anyone who has seen the Laver Cup knows this is an event that everyone had to get behind. I am proud to have been a part of its genesis and thankful to the ATP for choosing to endorse it," McEnroe said.
"The Laver Cup is my favourite week of the year. I have enjoyed working with all the generations of players and being in front of the fans once again," Borg said.
Chris Kermode, ATP Executive Chairman and President, said that the reception by tennis fans globally was a major factor in the ATP's wish to form this partnership.
"The Laver Cup has struck a chord with fans worldwide in a very short time. It's been great to see the passionate participation of the players and the response from the fans at the sold-out events in Prague and Chicago."
"This event has great potential to reach new fans around the world, and all of us at the ATP are excited to include the Laver Cup as an official part of the ATP Tour calendar and have it featured alongside other tournaments on all our platforms," Kermode said.