The awarding of points is not new, but it is seen as a way to ensure that some of the top players in the world attend the Games.
“The Olympic Games remain an integral part of our sport’s great story and are a welcome addition to this year’s calendar,” ATP executive chairman Etienne de Villiers said in a statement.
The WTA announced in July that it would award rankings points to its Olympians. Points were also awarded at the 2000 Sydney Games and the 2004 Athens Games.
The ATP and the ITF also said the world rankings will determine who gets the 56 direct spots in the 64-player field.