The announcement by the State Department came a day after Fazlullah's son was reported killed in a US drone strike in Afghanistan.
Under its rewards for justice programme, the US also announced a USD 3 million reward for information each on Abdul Wali of Jamaat ul-Ahrar (JuA) and Lashkar-e-Islam leader Mangal Bagh.
The announcement came as Pakistan Foreign Secretary Tehmina Janjua held meetings with officials of the Trump administration, including the White House and the State Department.
The State Department said the TTP was a terrorist organisation based in the tribal areas of eastern Afghanistan. It has historically maintained close ties with al-Qaeda.
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Since being appointed by the group's central Shura Council in November 2013, Fazlullah has organised and directed several TTP attacks in Pakistan and has publicly blamed the US for military operations against the group.
In 2012, Fazlullah ordered the failed assassination of Pakistani school girl Malala Yousafzai for promoting girls' right to education and publicly criticized Fazlullah and the TTP, the State Department said.
Abdul Wali reportedly operates from Afghanistan's Nangarhar and Kunar Provinces. Under Wali's leadership, JuA has been one of the most operationally active TTP networks in the Punjab Province and has claimed multiple suicide bombings and other attacks throughout Pakistan.
In August 2015, JuA claimed responsibility for a suicide bombing in Punjab that killed Punjab Home Minister Shuja Khanzada and 18 of his supporters.
Wali, also known as Omar Khalid Khorasani, was born in Mohmand Agency in Pakistan and is believed to be in his late 30s.
He is a former journalist and poet and has studied at a number of madrasas in Karachi.
According to the State Department, Mangal Bagh and his group earns revenue from drug trafficking, smuggling, kidnapping, raids on NATO convoys and taxes on transit trade between Pakistan and Afghanistan.
Born in Khyber Agency in Pakistan, he is believed to be in his mid-40s. Bagh is a member of the Afridi tribe. He studied at a madrasa for several years and later fought alongside militant groups in Afghanistan.