$9 million dollars would be if the WTA also agreed to the deal.
Former ASADA CEO Richard Ings said it would be like "winning the lottery" for so many players.
After it was announced, Tennis channel reporter Jon Wertheim revealed a message that showed how deep the players were digging into their wallets.
It includes $5000 from the top 20 doubles players, $5000 from each player ranked 50-100, $10,000 from every players ranked 20-50, $15,000 each for 10-20, $20,000 each for 5-10 and $30,000 each for the top five players.
Vice-president of German Tennis Federation Dirk Hordorff also shares some rumours saying the ATP, Grand Slams, WTA, ITF and players would all chip in. The ATP players' plan will generate $1.05 million.
It is also expected the four Grand Slams would provide $500,000 each.
Wertheim said it was "truly remarkable" what the big three had done and continue to do.
But not everyone was thrilled by the decision.
While many of the fans of the big three were quick to praise the legends for their generous giving, a lawyer and tennis fan named Stephen Berman pointed out that while Djokovic has earned $143 million in his career, Italian 27-year-old Salvatore Caruso (ranked 100) has earned just $877,118 in his career, according to the ATP website.
Fans were quick to respond as the big three have already dug deep.
Djokovic donated $A1.7 million to combat coronavirus in Serbia with hospital supplies and equipment, while Nadal and NBA star Pau Gasol launched an $A18.7 million campaign in Spain, and Federer donated $A1.6 million to aid families in Switzerland.
The trio also suggested half of the 2020 ATP Finals prize money should be added to the fund if it takes place.
Others also pointed out the disparity at the World No. 250 mark.
Similarly, 31-year-old professional Dutch tennis player Bibiane Schoofs, who is ranked No. 188 in the world in singles and 94 in doubles, has only made $407,275 in her career.
She replied to Stephanie Myles' post, saying not everyone ranked under 200 is making a good living in the sport.
Maria Sharapova's former coach Sven Groenveld also called for a players union.
2003 US Open champion Andy Roddick told Tennis Channel Live that it's a tough line to walk but that if it comes off, it will be a big deal.
"Ideas are easy. Pulling the funds, figuring out where they're coming from, figuring out a way to organise them, figuring out how to distribute them, as we have seen on bigger issues than struggling tennis players is not the easiest thing to do," Roddick said.
"I think these are probably the people that need it most. I think if it's a collaborative issue between the different tennis entities all the better. I think this is great news."
While the top end of players earn the big bucks, CNN spoke with 31-year-old Georgian player Sofia Shapatava who is ranked 375th in the world on the WTA Tour.
Having earned $2900 in the first three months of the year before being forced home with her parents.
Shapatava started an online petition to ask for financial help for players struggling to survive that sounds like it's been answered.
"I've talked to so many players and I've a couple of friends who don't know how to pay the rent this month. A petition is a way to be heard. I don't demand, I'm just basically trying to get attention so the ITF — and who if not them — can support us," she said.
"We pay fines for everything, if we do something on court or withdraw from a tournament late, so I think, in a way, we belong to them."
According to a letter from Serena Williams' coach Patrick Mouratoglou said "players outside the top 100 are barely breaking even and most of them are forced to fund their careers to keep playing professionally. Their lives are a financial struggle."
He also quoted former top 10 player Tim Mayotte who said "you would have to make about $200,000 a year from prize money and/or endorsements to make a living wage."
