The Hopman Cup will be axed today after 31 years as one of WA’s premier sporting events.

Tennis Australia chief executive Craig Tiley will today announce the tournament will be replaced by the $21 million ATP Cup, a new 24-team men’s event, The West Australian reports.

The men only event will be staged in three cities — Perth, Sydney and Brisbane — in early January.

World No.1 Novak Djokovic is among those who have backed the new tournament, which will have up to 750 world rankings points available for the winners in what will be the richest tournament outside the four grand slams.

Camera Icon Serena Williams offered her support for the Hopman Cup after competing in this year’s event. Credit: Mogens Johansen

The Perth group stage of the ATP Cup will run across six days at RAC Arena under a similar format to the Hopman Cup, with two singles matches and a doubles rubber in each session.

The end of the Hopman Cup has been rumoured for months.

Competing what has turned out to be the last cup, US champion Serena Williams said it would be “heartbreaking” if the even was axed. Swiss star Roger Federer said Perth deserved to have top-level tennis.